While Trump is bolstering efforts to reinstate US dollar dominance, the de-dollarization agenda is still a heavy narrative that is spreading like wildfire on a global domain. The Trump regime is focusing on imposing taxes on countries moving away from the dollar, while on the other side, these two nations have stopped using the dollar for bilateral trade. Is de-dollarization an agenda that can truly end sometime soon?
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These 2 Nations Have Moved Away From The Dollar
Iran and Russia, the two leading nations, have decided to move away from the US dollar. Iran’s central bank governor, Mohammad Reza Farzin, officially announced plans on how Iran has lately been conducting trade with Russia without using the US dollar. Farzin outlined how both nations have established agreements to conduct trade in local currencies, giving the multipolar currency narrative a new boost.
“We have entered into a currency agreement with Russia and fully removed the dollar. Now we only trade in rubles and rials,” Farzin later shared.
The Governor of the Central Bank of Iran later clarified how the financial authorities of both nations have agreed on the exchange rate to be used while conducting active transactions.
The recent data uploaded by the Kremlin also reflected the rising multipolar currency narrative. The fresh Kremlin data emphasize how Iran and Russia have conducted nearly 96% of their trade transactions in local currencies.
“The Kremlin reported on October 21 that the use of national currencies in mutual settlements between Iran and Russia was up 12.4% in 2024, making up 96% of all transactions.” Tass Media reported
The rising de-dollarization wave is hard to maneuver as the majority of the nations, under BRICS and ASEAN, are all proposing local currencies, urging nations to pivot away from the dollar.
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Trump Tightens His Tax Agenda
Trump, in his recent spree of announcements, has shared how Canada, Mexico, and China will encounter higher tax restrictions. The president-elect has decided to impose a 10% tax on Canada and Mexico to address and restrict illegal immigration and drug smuggling.
At the same time, Trump has imposed a 25% tax on China, touting it as a measure to curb excessive fentanyl imports.
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