In a rapidly changing global economic landscape, President-elect Donald Trump’s recent announcement regarding the BRICS countries is provoking debate and reflection. Trump made it clear that these nations, backed by China and Russia, will have to commit to not creating new currencies or face 100% tariffs during his term. This statement, made on Truth Social, underscores the strategic importance that the US dollar still holds on the international stage and the US’s desire to maintain its dominant position in the global financial system.
The BRICS group, which has consisted of Brazil, Russia, India, China, and South Africa since 2011, has recently expanded its ranks to include Iran, Saudi Arabia, the United Arab Emirates, Ethiopia, and Egypt. This expansion reflects the growing interest in closer economic and political collaboration among major emerging economies. While some members of the group, such as Brazilian President Luiz Inácio Lula da Silva, have raised the possibility of creating a common currency in South America to reduce reliance on the US dollar, the implementation of such plans remains uncertain due to economic and geopolitical disparities within the group.
Using BRICS currencies and banking networks outside the US dollar-denominated system could provide some room for member countries, including Russia, China, and Iran, to circumvent Western sanctions. However, despite the potential benefits, the realization of a new currency seems unlikely at this stage.
For China, the BRICS group represents an opportunity to strengthen its strategic partnerships and challenge the global leadership of the United States. For its part, Russia, economically and diplomatically isolated after its invasion of Ukraine in 2022, finds valuable support within the group. This year, Russia even assumed the rotating presidency of the BRICS.
In a context of ever-changing geopolitical and trade tensions, Trump’s statements on tariffs against the BRICS countries raise questions about the future of international economic relations. This strategy of economic confrontation is part of a set of protectionist measures aimed at defending the economic interests of the United States.
In conclusion, the balance of global economic power is changing, and the dynamics within the BRICS group illustrate the complex issues shaping the global financial landscape. While the United States seeks to maintain its influence, emerging countries aspire to greater financial autonomyThe future of international economic relations will depend largely on the ability of global actors to find common ground and collaborate to address global economic challenges.