India And South Africa Backtrack On BRICS Currency Amid Trump Tariff Threats

THE PINNACLE GAZETTE | Published December 10, 2024

The recent developments surrounding the BRICS currency initiative have sparked significant discussion, especially with the influence of Donald Trump’s possible return to the presidency. At the heart of this discourse lies the potential for BRICS—a coalition comprising Brazil, Russia, India, China, and South Africa—to introduce a new currency to challenge the supremacy of the US dollar. This effort would aim to create more financial independence for member nations and reduce their reliance on the American currency in international trade.During the 16th summit of BRICS held last October, the bloc revealed plans to circulate a mock-up of this new currency. Russian President Vladimir Putin prominently displayed this mock-up, symbolizing the bloc’s commitment to introducing alternative financial instruments. The move is perceived as part of a broader strategy to dethrone the US dollar, which has been the dominant currency in global trade for decades.

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SOURCE: www.evrimagaci.org

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RELATED: India Makes Huge Announcement on New Currency

Published December 10, 2024

The BRICS bloc created a mock-up currency during the 16th summit in October in Russia’s Kazan region. Russian President Vladimir Putin proudly displayed the mock-up bill to all the attendees, indicating that a new currency is in the works. The currency in question would challenge the US dollar’s hegemony and dim its demand in the global supply mechanism. On the other hand, BRICS member India is slowly distancing itself from the de-dollarization agenda.

The threat from BRICS was real and the Joe Biden administration stood by doing nothing. However, things are changing after Trump reclaimed the White House and the bloc is backtracking on the formation of a new currency. The recent threat from Trump to impose a 100% tariff on goods has ruffled feathers among developing countries. India made an official announcement regarding the BRICS currency and the de-dollarization initiative.

 

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SOURCE: www.watcher.guru

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