Politics
BRICS tariffs: Kremlin says Trump's threat will backfire
MOSCOW –
The Kremlin said on Monday that any US attempt to force countries to use the dollar would backfire after US President-elect Donald Trump threatened to impose tariffs on BRICS countries if they created their own currencies .
Trump demanded on Saturday that BRICS member countries commit not to create a new currency or support another currency that would replace the US dollar, saying they would otherwise face 100% tariffs.
The BRIC group initially included Brazil, Russia, India and China, but has since expanded to include other countries. The group has no common currency, but long-running discussions on the subject gained some momentum after the West imposed sanctions on Russia over the war in Ukraine.
Asked about Trump's comments, Kremlin spokesman Dmitry Peskov said the dollar was losing its appeal as a reserve currency for many countries, a trend he said was accelerating.
“More and more countries are turning to the use of national currencies in their foreign trade and economic activities,” Peskov told reporters.
If Washington used “economic force” to force countries to use the dollar, it would backfire, he predicted.
“If the United States uses force, as they say economic force, to force countries to use the dollar, this will further strengthen the trend of switching to national currencies (in international trade),” Peskov said.
“The dollar is starting to lose its appeal as a reserve currency for a number of countries.”
Dollar Dominance: The U.S. dollar's outsized role in the global economy has actually strengthened in recent times, thanks to the robust U.S. economy, tighter monetary policy, and increased geopolitical risks, even as economic fragmentation has spurred BRICS countries’ desire to move away. from the dollar to other currencies.
A study this year by the Atlantic Council's Center for Geoeconomics showed that the US dollar remains the world's main reserve currency, and that neither the euro nor the so-called BRICS countries have been able to reduce global dependence. against the dollar.
(Reporting by Reuters; writing by Alexander Marrow/Anastasia Teterevleva; editing by Andrew Osborn)
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