Trump threatens BRICS with tariffs if it continues de-dollarization
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In recent years, BRICS countries have increased de-dollarization efforts with the goal of using their own currencies to weaken the dollar's monopoly in global commerce.
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Donald Trump speaks at the White House on November 5, 2020. (AP)
US President-elect Donald Trump has threatened to slap 100% tariffs on BRICS countries if they did not abandon plans to move towards de-dollarization.
Trump wrote on Truth Social on Saturday, "The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy,"
Trump warned that any nation seeking to replace the US dollar would "wave goodbye to America."
In recent years, BRICS countries have increased de-dollarization efforts with the goal of using their own currencies to weaken the dollar's monopoly in global commerce.
Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia have recently joined Russia, Brazil, India, China, and South Africa in the BRICS Union.
Recently, Iran revealed it was working to establish independent payment systems with Muslim countries to bypass US sanctions that hinder trade and it has already implemented similar systems with BRICS countries like Russia to mitigate sanctions' impact.
Last year, Brazilian President Lula proposed a common BRICS currency, but the bloc has focused on increasing trade and lending in local currencies to reduce reliance on the dollar.
US dominance effort doomed as nations pursue independent paths: Lavrov
Earlier in June, Russian Foreign Minister Sergey Lavrov expressed that Washington's efforts to sustain its global dominance through political maneuvers are destined to fail, given the increasing number of countries opting for autonomous foreign policies.
"There is no doubt that this course of maintaining hegemony at all costs is doomed to failure. Even if in the foreseeable future the US remains one of the world's centers, and this is likely to be the case, it does not mean that this will happen within the framework of preserving the US-centered world order," Lavrov said, noting that growing number of countries in Eurasia, Asia-Pacific, the Middle East, Africa, and Latin America are increasingly pursuing independent foreign policy paths, which cannot be overlooked.
He added that these countries are gradually freeing themselves from Western influence and a "more equitable, multipolar, and polycentric architecture is taking shape before our eyes."
Lavrov highlighted that the expansion of BRICS serves as evidence of the ongoing formation of a multipolar world order, where emerging political centers advocate for equality and diversity. This trend persists despite the efforts of the US and its allies to maintain their "elusive dominance."
Independent candidate for the US Senate Diane Sare told Sputnik that the de-dollarization of the global economy is already underway as a direct result of the United States' policies.
"I think that is happening. It is happening. And it doesn't have to be that way, but because of our policies, I think people really don't have a choice," she said.
