Amid the BRICS bloc’s continued de-dollarization efforts, Russia has said Trump’s threats relating to the US dollar will backfire. Indeed, Trump has promised to address growing efforts to abandon the greenback as he prepares for his return to the White House.
This week, he warned of 100% tariffs on alliance nations looking to abandon the currency. Yet, his promises have not inspired fear in the economic alliance committed to lessening Western dominance in global economics. Now, one Russian spokesperson has said that Trump’s demands regarding the currency will not go over in the way that he thinks.
JUST IN: 🇷🇺🇺🇸 Russia says Donald Trump's threat to BRICS over replacing the US Dollar will backfire.
Do you agree? pic.twitter.com/BOK8Tknziy— BRICS News (@BRICSinfo) December 2, 2024
Also Read: Expert Says BRICS Talk of US Dollar’s Demise Are Overstated
Trump’s Push for US Dollar Supremacy Now Answered by BRICS Bloc
Over the last two years, the BRICS bloc has firmly embraced de-dollarization. Amid Western sanctions placed on Russia, the economic alliance sought to embrace the opportunity to promote the use of local currencies in trade. Although they have proven successful to this point, things are expected to change in the coming year.
With Donald Trump winning the 2024 US presidential election, the US dollar’s status will once again be a chief concern for the country. Throughout his campaign, he has reiterated the importance of the greenback remaining the world currency. Indeed, the 45th president said losing US dollar dominance would be akin to “losing a war.”
Now, with talk of 100% tariffs looking to dissuade these de-dollarization efforts, the global south is not blinking. Specifically, the BRICS bloc is set to continue its plan, with Russia saying that Trump’s US dollar threats are likely to backfire.
Also Read: Why Trump Won’t Stop BRICS From Ditching the US Dollar
Russian spokesperson Dmitry Peskov addressed Trump’s recent warning for the alliance specifically. “More and more countries are switching to the use of national currencies in their trade and foreign economic activities,” he said, according to a Reuters report.
“If the US uses force, as they say, economic force, to compel countries to use the dollar, it will further strengthen the trend of switching to national currencies,” he added. He certainly isn’t wrong. The weaponization of the dollar brought the issue to the forefront in the first place. These proposed tariffs could incite a similar effect.
Only time will tell how both sides respond. Earlier this month, Russian President Vladimir Putin said he wouldn’t ditch the US dollar. Moreover, Trump has previously hinted he would lift sanctions on Moscow.