Ahead of his second presidency, Donald Trump has threatened to impose punitive tariffs of up to 100% on BRICS countries if they proceed with plans to create their own currency as an alternative to the dollar. But his clumsy efforts to enforce the greenback's global hegemony are bound to backfire.
CAMBRIDGE – In 2023, the leaders of Brazil and the other BRICS countries at the time – China, India, Russia, and South Africa – discussed collaboration on a new shared currency. Brazilian President Luiz Inácio Lula da Silva has been a vocal proponent of an alternative to the US dollar, the dominant global currency for the past 75 years, and Russian President Vladimir Putin publicly promoted the idea during the BRICS summit in October by brandishing a symbolic BRICS banknote. The bloc’s new members – Egypt, Ethiopia, Iran, and the United Arab Emirates – would presumably also be included in the new joint currency.
CAMBRIDGE – In 2023, the leaders of Brazil and the other BRICS countries at the time – China, India, Russia, and South Africa – discussed collaboration on a new shared currency. Brazilian President Luiz Inácio Lula da Silva has been a vocal proponent of an alternative to the US dollar, the dominant global currency for the past 75 years, and Russian President Vladimir Putin publicly promoted the idea during the BRICS summit in October by brandishing a symbolic BRICS banknote. The bloc’s new members – Egypt, Ethiopia, Iran, and the United Arab Emirates – would presumably also be included in the new joint currency.