It's 2025, and the global stage looks vastly different from a decade ago. Yet, some are still clinging to outdated tactics, believing that threats of tariffs and sanctions can sway the world.
On his first day in office, newly sworn-in U.S. President Donald Trump threatened to impose a 100 percent tariff on BRICS nations if they continue their de-dollarization efforts. \"As a BRICS nation… they'll have a 100 percent tariff if they so much as even think about doing what they thought, and therefore they'll give it up immediately,\" he declared.
The Chinese Ministry of Foreign Affairs responded promptly at a regular press conference, emphasizing that BRICS is not about confrontation but about fostering cooperation and shared prosperity. The reality is that the world is no longer buying into one-currency dominance or sanction-fueled pressure.
Take Russia, for example. When it faced an avalanche of sanctions from the West in 2014 and again in 2022, many predicted an economic collapse. Instead, Russia built its own financial lifeboat. Its System for Transfer of Financial Messages (SPFS) emerged as a homegrown alternative to SWIFT, and the Mir payment card, initiated in 2017, is fulfilling the roles of Visa and Mastercard. These initiatives insulated the Russian economy and laid the groundwork for deeper financial ties with non-Western allies like T\u00fcrkiye, Kazakhstan, and nations in the Middle East, without dependence on Western-dominated systems.
The U.S. also restricted T\u00fcrkiye's access to American technology and equipment, from F-35 jets to armed unmanned aerial vehicles. In response, T\u00fcrkiye began producing some of this equipment with its own resources and started exporting to Middle Eastern and African nations.
The resilience of Russia and T\u00fcrkiye is just the tip of the iceberg. More and more nations are seeking a more equitable world order. Last year's G20 Summit in Brazil marked a historic moment, with the African Union attending as a full member of the bloc for the first time. The G20 today is not just a club of economically powerful countries but represents a new vision for global cooperation.
BRICS nations have been rewriting the rules of global trade. They've turned to their own currencies for commerce, reducing dependence on the U.S. dollar. Brazil and China now trade in their national currencies, a move mirrored by India and its regional partners. The BRICS New Development Bank has ramped up efforts to finance projects in local currencies, offering a fresh approach to international funding without relying on Western institutions. Additionally, efforts are underway to create a BRICS blockchain-based payment system.
This shift isn't about making a political statement—it\u2019s about pragmatism. The world has watched the dollar-dominated system stumble repeatedly, with each crisis rippling across continents. From the 2008 financial meltdown to the pandemic-induced global recession, over-reliance on the dollar has proven to be a risky bet.
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Why threats, sanctions and one-currency dominance are past their prime
cgtn.com
