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Can Trump’s tariff threats save US dollar hegemony?

The US president-elect’s reckless rhetoric could undermine his stated objectives

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    • If the Trump administration were to retaliate against the Brics with 100 per cent tariffs, the move could backfire, prompting central banks to turn to the renminbi, smaller currencies or even gold for their international reserves.
    • If the Trump administration were to retaliate against the Brics with 100 per cent tariffs, the move could backfire, prompting central banks to turn to the renminbi, smaller currencies or even gold for their international reserves. PHOTO: AFP

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    Jeffrey Frankel

    Published Thu, Dec 19, 2024 · 05:00 AM

    IN 2023, the leaders of Brazil and the other Brics countries at the time – China, India, Russia, and South Africa – discussed collaboration on a new shared currency.

    Brazilian President Luiz Inacio Lula da Silva has been a vocal proponent of an alternative to the US dollar, the dominant global currency for the past 75 years, and Russian President Vladimir Putin publicly promoted the idea during the Brics summit in October by brandishing a symbolic Brics banknote.

    The bloc’s new members – Egypt, Ethiopia, Iran, and the United Arab Emirates – would presumably also be included in the new joint currency.

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