BRICS Strikes Back: The New Currency That Could Change the Dollar's Fate in 2025

BRICS nations are considering establishing a new currency to curtail their reliance on the US dollar. The step could considerably hamper the dollar's dominance across the globe, with possible reduction in demand and contributing towards de-dollarization. Yet, conflicts have arisen within BRICS, with some nations such as India and Brazil showing no interest in de-dollarization. In spite of these internal variations, Russia, China, and Iran are going ahead with proposals for cross-border transactions in alternative currencies.

US President-elect Donald Trump has threatened 100% tariffs on BRICS nations if they go for an alternative currency in an effort to safeguard the dollar's position. This move could put pressure on relations with major trading partners and result in retaliatory actions.

Sources: Investing News, Deutsche Welle, The Economic Times