The takeaway from the BRICS summit last week is that the alliance is aiming for a multipolar world order. The bloc wants to dim the lights on the Western-dominated sector and usher in a new financial order. Developing countries are diversifying their Central Bank reserves with gold and other local currencies, ending reliance on the US dollar.
The latest journal from The American Conservative observes that BRICS is successful in building the stepping stones for a new world order, challenging the West. “China, Russia, and other non-Western countries are building a viable alternative to the US-led world order,” wrote Ted Snider.
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BRICS Building Stepping Stones For a New World Order
BRICS is focused on replacing the Western-led institutions and making the Global South the center of the multipolar world order. “The international organization is a growing multipolar alternative to the US unipolar model of world governance. An alternative that is increasingly attractive to the global majority,” he said. This puts emerging economies at the center of trade policies as they can hold the key to American hegemony.
Snider wrote that Trump’s tariffs were intended to put a roadblock on countries trying to step away from the US. They “were plainly intended to protect US hegemony and erect a roadblock to the emerging multipolarity.” However, he wrote that Trump’s tariffs are having an opposite effect, making BRICS stand together and safeguard their economies and create a new world order.
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“They’ve had the opposite effect, pushing targeted countries further into the embrace of BRICS and enhancing trade between its member states, including trade in local currencies instead of the US dollar,” he said. Therefore, the new world order by BRICS will be much different than the financial sector we know today. If they succeeds in creating a new world order, the US will be at its mercy for trade and transactions.