Formed in 2009 to challenge U.S. global dominance, BRICS expanded in 2023 with six new members, including Saudi Arabia and the UAE. During the BRICS summit in Kazan in 2024, Nigeria joined as a partner, following a 189% surge in BRICS capital inflows to Nigeria. The bloc aims to reduce reliance on the U.S. dollar.
Russia’s Call for De-Dollarization
Russia’s Foreign Minister Sergey Lavrov called for global resistance to U.S. “hegemony,” advocating for a shift away from the dollar in trade.
Trump’s Bold Response
Recently re-elected U.S. President Donald Trump fiercely opposed BRICS’ efforts, warning:
1. BRICS Currency: Countries supporting a new BRICS currency or alternatives to the dollar risk 100% tariffs.
2. Trade Threats: Trump declared, “Ignoring the U.S. dollar is over,” vowing to block trade with dissenting nations.
3. Sanctions: He threatened adverse consequences for countries promoting de-dollarization.
Implications
Trump’s hardline stance signals rising tensions as BRICS countries push for a redefined global financial order and the outcome could reshape international trade dynamics.
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