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De-dollarization is a new phenomenon that has been compelling nations lately to explore beyond the US dollar. As the US dollar decays, battered heavily with fierce Trump policies and agendas, major nations and alliances, including ASEAN, have now started to explore alternatives that help them stabilize their economy. In one such instance, ASEAN has now decided to deploy the route of diplomacy to embrace China over the US, as uncertainties spurred by US tariffs continue to loom on top of their heads. This news is, however, a damaging development for the US economy, as ASEAN trade with the US involves $3.8 trillion worth of exchange of money and services. Also Read: De-Dollarization: Bank of America Reveals Why ASEAN Is Ditching USD Two Ways ASEAN’s De-Dollarization Move Could Injure the US Economy 1. Reduced USD Demand Source: Watcher.Guru The ASEAN bloc has long been discussing ditching the US dollar. The plan was already in motion, as the block had discussed multiple times, to target ...

De-dollarization is at its peak in 2025 as a handful of alliances are ditching the US dollar and replacing it with local currencies for trade. In a first, The Eurasian Economic Union (EAEU), confirmed that they settled 93% of trade in national currencies sidelining the US dollar. Only 7% of the cross-border transactions among themselves included payments in the US dollar. Also Read: US Power And Dollar Dominance: Cause & Consequence Intertwined The latest data shows that the EAEU alliance settled close to $100 billion worth of trade in 2024. Therefore, $93 billion worth of trade within the EAEU was settled in local currencies last year. Only $7 billion worth of cross-border transactions was paid using the US dollar among the member nations. The development shows that de-dollarization is accelerating at a rapid speed to leave the US dollar behind. Also Read: De-Dollarization: Full List of Countries Dropping the US Dollar & Key Reasons De-Dollarization Growing Rapidly Within Memb...

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...

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...

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...

Donald Trump is a force to be reckoned with in the current US presidential campaign. The former US president’s strong and bold opinions have overtaken the world. In particular, Trump’s stance on the US dollar has been grabbing mainstream attention lately. His latest comments on adopting a tariff strategy to bolster the US dollar may jeopardize the global de-dollarization agenda, with BRICS and ASEAN nations taking the most heat in this global battle for currency dominance. Here are the five ASEAN nations that may suffer if Trump is elected as the president of the United States again. Also Read: Toncoin (TON) Defies Market Trend, Predicted To Hit All-Time High 5 ASEAN Nations To Suffer The Most If Trump Is Elected As US President Image Source: Pixabay ASEAN nations have long been encouraging the de-dollarization narrative. The alliance was busy curating plans to ditch its reliance on the US dollar by conducting trade in local currencies. However, the idea of such nations ditching t...

One of the leading ASEAN nations, Indonesia, may suffer colossal consequences if it pursues the idea of de-dollarization. The nation is highly dependent on the US dollar for multiple purposes. While the collective ASEAN nations are busy curating their currency, launching a currency rivaling the US dollar may significantly backfire, ushering in mayhem for the ten bloc nations. Also Read: ASEAN Unity At Risk Amid Divergent Path Concerns Potential Consequences of De-Dollarization for Indonesia Source: Beawiharta Beawiharta / Reuters / cfr.org Economic Implications ASEAN nations are busy creating their currency systems. This system is being prepared to launch a unified approach to currency dynamics and, at the same time, create a contemporary currency capable of rivaling the US dollar and the euro. Despite its grand ideations, the derailment of the US dollar can prove lethal for these nations as a collective. Indonesia, in particular, can experience stark economic implications that could w...