Trump warns BRICS countries..!! Dominance of dollar..!?
Trump warns BRICS countries..!! Dominance of dollar..!?
The newly elected US President donald trump has warned that if some countries take steps to weaken the US dollar, a 100 percent tariff will be imposed. He has issued this threat to the BRICS countries, including Brazil, russia, India, China, South Africa, Egypt, Ethiopia, iran and the United Arab Emirates. Turkey, Azerbaijan, and malaysia have also applied for membership in this group. Many more countries have expressed their interest in joining. The US dollar has a prominent place in global trade. It is the most widely used currency in the world. According to the international Monetary Fund (IMF), the dollar accounts for about 58 percent of global foreign exchange reserves. Important commodities such as oil are also traded in dollars. However, the GDP of the BRICS countries continues to increase. And these countries are planning to trade in other currencies instead of the dollar. This is called de-dollarization. It is said that this can challenge the dominance of the dollar.
The newly elected US President donald trump has warned that if some countries take steps to weaken the US dollar, a 100 percent tariff will be imposed. He has issued this threat to the BRICS countries, including Brazil, russia, India, China, South Africa, Egypt, Ethiopia, iran and the United Arab Emirates. Turkey, Azerbaijan, and malaysia have also applied for membership in this group. Many more countries have expressed their interest in joining. The US dollar has a prominent place in global trade. It is the most widely used currency in the world. According to the international Monetary Fund (IMF), the dollar accounts for about 58 percent of global foreign exchange reserves. Important commodities such as oil are also traded in dollars. However, the GDP of the BRICS countries continues to increase. And these countries are planning to trade in other currencies instead of the dollar. This is called de-dollarization. It is said that this can challenge the dominance of the dollar.
Trump said that no country can challenge the US dollar in global trade. He said that any country that tries to replace the dollar should be ready to say goodbye to the US. Experts believe that in the future, the US dollar will retain its global reserve currency status and dominate other currencies. The warning comes after trump threatened to impose additional taxes of 25 percent and 10 percent on goods imported from mexico and Canada, respectively. This step has been taken to prevent illegal immigration and drug trafficking. Recently, trump spoke with Mexican President Claudia Sheinbaum, who reportedly expressed optimism. Meanwhile, Canadian prime minister Justin Trudeau reportedly returned from a meeting with trump without any concrete assurances.