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U.S. President-elect Donald Trump on Saturday demanded that BRICS member countries commit to not creating a new currency or supporting another currency that would replace the United States dollar ...
Trump on Thursday warned off BRICS member countries from replacing the U.S. dollar as a reserve currency by repeating a threat of 100% tariffs he had made weeks after winning the November ...
President-elect Donald Trump said he would require countries that are part of BRICS — a China- and Russia-backed group of emerging economies — to commit to not creating new currency or face ...
In November 2024 in a post on Truth Social, United States president-elect Donald Trump threatened a 100% United States tariff on countries that pursued a BRICS currency or moved to favor another currency instead of the U.S. dollar. [215] [216] As US President he announced the same on his first day in office during his second term.
The member states view BRICS Pay to promote trade among its members, financial inclusion, and as a direction to reduce their reliance on the US dollar. [9] Russia has been the strongest proponent of BRICS Pay, to bypass the SWIFT network and the US dollar transactions it was sanctioned from following its invasion of Ukraine.
The 2022 BRICS summit is the fourteenth annual BRICS summit, an international relations conference attended by the heads of state or heads of government of the five member states Brazil, Russia, India, China and South Africa. [1] It was the third time that China hosted the BRICS Summit after 2011 and 2017.
US President-elect Donald Trump threatened to levy 100% tariffs on BRICS -- a China- and Russia-led group of nations with emerging economies -- if the countries decide to issue their own currency.
Dedollarisation refers to countries reducing reliance on the U.S. dollar as a reserve currency, medium of exchange or as a unit of account. [1] It also entails the creation of an alternative global financial and technological system in order to gain more economic independence by circumventing the dependence on the Western World-controlled systems, such as SWIFT financial transfers network for ...