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As the global economic balance tilts and new alliances emerge, one question echoes through diplomatic halls and financial markets: Can BRICS really challenge the dominance of the US? With the addition of new members and a renewed push toward de-dollarization, the alliance is no longer just a symbolic bloc. It’s a growing coalition that seeks to reshape the global financial order. But how close are they to actually succeeding? Also Read: India Distances Itself From BRICS To Secure Trade Deals With the US Areas BRICS Challenges the Might of the US Dollar Source: EAI De-Dollarization: A Bold Economic Agenda The de-dollarization initiative from BRICS is indeed the boldest agenda that is shaking the roots of the US-dominated global order. The decision to reduce dependency on the US-based financial assets can cause direct harm to the American economy. The bloc is signing bilateral trade deals using national currencies signaling that it prefers to boost its respective economies. The answer he...

Amid its ongoing rise over the last several years, the BRICS economic alliance has made landmark progress in the ongoing GDP race that could have massive implications for the collective. Indeed, the bloc has continued to seek a greater role in the global market. Now, its latest progression has paved the way for that to take place. The BRICS group has not been shy about its hope for a multipolar world. Specifically, it has sought to challenge status quos that have benefited several countries at the behest of others. That focus has not shifted this year. Moreover, it could take a major step forward with the imminent 2025 summit set to be one of its most important. Source: X Also Read: Saudi Arabia Drops BRICS, Inks $600B Strategic Deal With US in 2025 BRICS Hit Groundbreaking GDP Level Amid Ongoing De-Dollarization Motives At the start of the year, tensions began to form between both the US and the BRICS economic alliance. Indeed, US President Donald Trump threatened 150% tariffs on the ...

Taking inspiration from the BRICS alliance, three West African countries – Burkina Faso, Mali, and Niger had announced to launch a new currency last year in a bid to break free from the clutches of the US dollar and the Franc, which they inherited from the French colonization. The former French colonies have experienced several coups and are currently governed by military regimes. Also Read: After Pausing BRICS, Saudi Arabia Eyes $100 Billion Deals With the US The three non-BRICS countries held a discussion last year about launching a new currency to abandon the US dollar and the franc. “The currency is a first step toward breaking free from the legacy of colonization,” said General Abdourahmane Tiani, head of Niger’s ruling military junta. They also formed a defense group called the Alliance of Sahel States (AES). Also Read: BRICS: Only 33% of Trade Settled in US Dollars What Happened To the Non-BRICS Nations’ Idea of Launching a New Currency? Source: Reuters No update has...

The global payment mechanism is experiencing a paradigm shift, as BRICS member China is seizing the opportunity of Trump’s tariffs by pushing the Chinese yuan as an alternative currency to the US dollar. Trade settlements in the Chinese yuan are on the rise as the world is looking to cut ties with the greenback. The trade wars kick-started by Trump are making emerging economies reconsider their ties with the US. “This is an opportunity that we must seize,” said Yang Changjiang, a Chinese finance professor at Fudan University. Also Read: BRICS: China Officially Launches Plan to Promote Its Own Payment System BRICS: Chinese Yuan Payments Touched 24% in 2025, A Big Leap From Last Year Source: Reuters / Getty Images A recent survey published by the Renmin University’s International Monetary Institute sheds light that bigger enterprises are now considering settling payments in Chinese yuan and lessening the US dollar transactions. Renmin University’s findings show that the...

The Modi government is placing a ledge on the de-dollarization ideals and making way for the US dollar to thrive. BRICS member India has once again rejected the prospects of a new currency and praised the US dollar for maintaining global stability. India’s Foreign Minister S. Jaishankar spoke in favor of the US dollar sidelining the idea of launching a new currency on the global stage. Also Read: The U.S. Dollar is Losing Luster: Reuters Poll India is the only country in the bloc that is moving away from the formation of a new common currency. BRICS members Russia, China, and Iran are aggressively pursuing the agenda to topple the US dollar from the world’s reserve currency status. The alliance is now divided as India is stepping aside and Brazil also revealed that they plan to drop the idea of a BRICS currency. Also Read: US Dollar & Stock Market Weakens as Trump Tariffs Go Live Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for tr...

Speaking live today, US President Donald Trump threatened a potential trade war as he reinforced his 100% tariff threat to the BRICS alliance. Indeed, Trump spoke on the implications of their continued efforts to de-dollarize and settle trade in local currencies. The threat mirrors similar sentiments Trump made throughout his campaign or reelection last year. Indeed, he had already threatened that BRICS would be subject to import taxes if they continued to encourage global trade to be settled outside of the greenback. Now, he has once again reaffirmed those impending consequences. JUST IN: President Trump says "BRICS will be hit if they play with the dollar." pic.twitter.com/BjzPtQNosh — BRICS News (@BRICSinfo) February 13, 2025 Also Read: BRICS: US Trade War, Tariffs Has Global Markets Preparing For The Worst Trump Issues 100% Tariff Warnings to BRICS, “If They Want to Play Games With the Dollar.” Last year, Donald Trump spoke adamantly about the importance of keeping the ...

Amid an ongoing standoff with the BRICS alliance and the West, China is reportedly prepared for a trade war with the US, experts have said. Indeed, US President Donald Trump has reiterated his intention to tariff the economic alliance. In a recent proclamation, he requested a “commitment” to the US dollar in order to prevent the tariffs. The arrival of such tariffs could have dire implications for the collective. However, the bloc has continued to say its intention is to not target the US dollar. Specifically, several BRICS nations have noted its desire is to only increase international economic participation from nations in the global south. To do that, the group has sought to increase the use of its own native currencies in global trade. Source: Global Times Also Read: BRICS: China Oil Output Hits 400M Tons Amid Record Growth China Prepared for Trade War With US As Trump 100% Tariffs Loom The last few months have seen geopolitical tension between the US and the global sout...

President-elect Donald Trump threatened BRICS countries with 100% tariff rates if they decide to ditch the US dollar for trade. Trump made it clear that de-dollarization or launching a new currency and payment system to bypass the US dollar will be met with a 100% tariff on goods entering the US markets. If the tariff is imposed, BRICS countries will find it hard as their imports and export sectors will be hit. Also Read: BRICS: 2 Countries Pay 80% of Trade in Local Currencies, Not US Dollar On the heels of the recent 100% tariff threats by Trump, BRICS countries have reacted to the development. While some members doubt the tariff can be put in place, others remain cautious to not irk the President-elect. The balancing act of diplomacy now comes into the picture and how they navigate the next four years will decide the success of the de-dollarization agenda. Also Read: No Turning Back On Launching BRICS Payment System: Diplomat 100% Tariffs on Goods Entering the US: BRICS Reacts to Tru...

Amid the ongoing digital asset embrace that the BRICS alliance has undergone over the last year, Russia has officially approved a new 15% crypto tax bill. Indeed, the legislation will implement a tax on both cryptocurrency mining and transactions while perceiving the asset as property. The move comes as another key step in Moscow’s ongoing reveal regarding the asset class. Earlier this year, the country opted to undo its ban on cryptocurrencies in international settlements. Now, it has taken steps to introduce financial obligations on traders and miners. As BRICS continues to de-dollarize, crypto is expected to play an increasing role in its economic activity. Source: Daily Sabah Also Read: This BRICS Nation is Now the Fastest Growing Economy in The G20 Russia Approves Crypto Tax Bill as BRICS Could Expand Integration For the last two years, the BRICS alliance has been a focus of geopolitics. The blco has emerged as a key challenger to the global status quo and Western hegemony. A...

The de-dollarization initiative is no longer confined to BRICS as other emerging economies are participating in the discussions at the 2024 summit. The outreach session will be conducted on the last day of the summit on October 24, 2024. Topics such as de-dollarization, new trade policies, and the usage of local currencies will take center stage. The nine-member alliance will meet for the first time at the table for discussions after the expansion last year. Also Read: Russia Discusses BRICS Currency Before 2024 Summit Russian President Vladimir Putin confirmed that officials from 40 countries will attend the outreach session at the BRICS 2024 summit. The participants include countries from the Commonwealth of Independent States (CIS), Asia, Africa, Eastern Europe, South America, and the Middle East. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. “On the last day of the summit, there will be a meeting in the BRICS Plus/Outreach...

BRICS is brewing trouble for the US dollar reserves from all corners after the White House pressed sanctions on Russia in 2022. The alliance has been accumulating gold for two years and diversifying its central bank reserves with the precious metal. In the last 18 months, central banks of developing countries have combinedly brought 800 tonnes of gold. China has purchased a massive 225 tonnes of gold in the last 15 months alone. Also Read: BRICS Prepare to Induct 10 New Countries After 2024 Summit Russia, China, and India are among the top buyers of gold and are driving the prices of the precious metal. “On a year-to-date basis, central banks have bought an astonishing net 800 tonnes, 14% higher than the same period last year,” reported the World Gold Council. This is leading to a fall in the US dollar reserves as BRICS is replacing it with gold in their central banks. Also Read: BRICS: 40 Countries Want To Ditch the US Dollar BRICS: US Dollar-Denominated Central Bank Reserves Fall to...

Many developing countries in Asia, Africa, and South America have expressed their interest in joining the BRICS alliance in 2024. The de-dollarization agenda seems lucrative to developing nations that want to make their local currencies and native economies thrive. The US dollar is dampening the prospects of local currencies and eliminating the USD for trade is a way to push their currencies up. Also Read: BRICS : New Country Plans To Ban the US Dollar for Trade Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. While BRICS expansion was limited to Asia, Africa, and South America in 2024, now countries in Europe are also looking to join the alliance. BRICS: New European Country Looks To Join the Alliance in 2024 Source: Global Times / Photo: Xinhua Belarus is the Eastern European country that is looking to join the BRICS alliance in 2024. The President of Belarus , Alexander Lukashenko said that the European country is ready to joi...