An African proverb is clear – “no man, no matter how wealthy, can prepare enough food for his kinsmen, but if those kinsmen make food for him, he is largely finished”. I drop that as Trump goes after BRICS countries:
‘The United States is escalating tensions with the BRICS economic alliance, with President Donald Trump issuing a stern warning against the bloc’s efforts to create an alternative global currency. In a statement posted on Truth Social, Trump threatened 100% tariffs and restricted market access for BRICS nations if they continued their push to move away from the U.S. dollar in global trade. “The idea that the BRICS countries are trying to move away from the dollar, while we stand by and watch, is over,”‘
Sure, we can understand Trump’s position since he has not sanctioned countries in the same way Biden did. Because if you have a habit of sanctioning countries, you are simply telling them to go and get an alternate currency to the US dollars. With the US dollar as a political and economic weapon, most countries are looking for refuge, and that is why the idea of BRICs currency seems exciting. And they’re trying to cook for America!
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If Trump updates the US Constitution that the US dollars will not be used as a weapon of sanctions, all the meetings on BRICS currency will fade! But where he does not do that, he should not expect the sanctioned Russia, Iraq, etc to stop existing as nations.
Yet, I am not sure the real issue is the BRICS currency. I think the biggest competitor against the US dollars is the stablecoin ecosystem. Mr. President should put more energy there because if the stablecoin adoption continues, the US Treasury may not even see anything to sanction because stablecoins have disintermediated the role of the US dollar! Sure – it will take years for that to happen at scale, well after Trump has left the Oval Office.
Again, Trump Threatens Trade War Against BRICS Nations Over De-Dollarization Push
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