Business

De-dollarization Effort in Spotlight After Trump’s Tariff Threat on BRICS

The nine-nation alliance of emerging economies has shifted away from the US dollar.
De-dollarization Effort in Spotlight After Trump’s Tariff Threat on BRICS
Russia's President Vladimir Putin gives a speech during the extended format meeting of the BRICS summit in Kazan on Oct. 23, 2024. Alexander Nemenov/POOL/AFP via Getty Images
Andrew Moran
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President-elect Donald Trump has threatened to slap a 100 percent tariff on the economies of BRICS nations if they try to abandon the U.S. dollar as the chief international reserve currency, prompting speculation among economic observers.

“The idea that the BRICS countries are trying to move away from the dollar while we stand by and watch is over,” Trump wrote in a Nov. 30 Truth Social post.
Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."