Amid growing discussions among BRICS nations to move away from the U.S. dollar in international trade, former U.S. President Donald Trump has threatened to impose 100 percent tariffs on these countries. However, experts warn that such a move could backfire, accelerating the very de-dollarization trend it aims to suppress.
The nine-member BRICS alliance, which includes China, Brazil, Russia, and India, has been contemplating alternatives to the U.S. dollar for years. By attempting to force these nations to continue using the dollar through punitive tariffs, there is a risk of intensifying their resolve to find alternative currencies or payment systems.
Some analysts suggest that imposing harsh tariffs could undermine the United States’ economic influence, prompting BRICS countries to strengthen their economic ties and develop new trade mechanisms independent of the dollar. This could lead to significant shifts in global trade patterns and reduce the dominance of the U.S. currency in international markets.
Reference(s):
cgtn.com
