Published: 2025-08-18
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Topic
Status
BRICS nations are testing a new currency that will challenge the US dollar's dominance.
"And even at the recent brick summit in Rio, for example, Brazil's president Lula called on members to test the new currency, which will become a direct challenger to the dollar."
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The US dollar's share of global dominance, currently at 58%, could fall significantly faster if BRICS nations' efforts succeed.
"And if they succeed, the dollar's share of global dominance, which has already slipped from over 70% two decades ago to about 58% today, could fall a lot faster."
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New tariffs imposed by the US on BRICS nations (10% general, 50% on India and Brazil) are estimated to cost American consumers and businesses up to $56 billion annually in increased prices.
"The first immediate reaction to the 10% tariff on bricks, plus the targeted 50% on India and Brazil, is estimated to cost American consumers and businesses up to $56 billion every year in higher prices."
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Approximately 1/4 of US exports (worth billions in sectors like aircraft, agriculture, and tech) could be lost if BRICS nations retaliate by ceasing to purchase US products.
"Now, on the export side, the bricks markets account for about 1 of US exports. That's billions of dollars in aircraft, agricultural goods, and tech that could be lost if these countries follow through with their retaliation and they stop buying US products, which would obviously affect the companies making them and their share prices."
Pending
A continued decrease in foreign demand for US Treasury bonds could lead to significantly higher interest rates, increasing the cost of financing US deficits and borrowing for consumers.
"And with foreign ownership of treasuries already going down to about 30% of outstanding US debt means that if this keeps on going, it could push interest rates much higher, making it more expensive to finance US deficits and more expensive for us as consumers to borrow money."
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BRICS nations are seeking to strengthen ties within the bloc by redirecting trade to other markets.
"They want to match US tariffs, redirect trade to other markets, and they want to form stronger ties within the block."
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The effectiveness of US sanctions as a geopolitical tool may diminish as fewer countries rely on dollars for trade.
"On top of that, the sanctions the US uses, which is one of its most powerful geopolitical tools, also becomes less effective when less countries need the money to trade with."
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A decline in the dollar's global dominance could lead to higher US borrowing costs, reduced sanction power, and a global economic restructuring.
"And that means potentially higher borrowing costs for US consumers, weaker sanction power, and a restructuring of the global economy."
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BRICS nations are aiming to reduce reliance on the dollar by increasing trade in local currencies, developing new payment systems, and exploring a shared currency for cross-border commerce.
"And the way they want to do that is by trading more in local currencies, building new payment systems, and even talking about a shared currency for crossborder commerce."
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Discussions are underway within BRICS to price oil sales in currencies like the Chinese yuan and to develop a shared BRICS currency.
"There's talks about new payment networks that bypass Swift, oil sales that are priced in currencies like the Chinese yuan, and even talks about a shared bricks currency."
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India and Brazil are considering retaliatory actions against US tariffs, including not buying US goods, matching tariffs, deeper integration within BRICS, supply chain redirection, and moving away from dollar-based payments.
"India has announced they will not be buying Americanmade weapons following a 50% tax on their goods. Both India and Brazil are also talking about retaliation or fighting back, not just with not buying US goods or matching tariffs, but with deeper integration into the bricks and redirecting their supply chain to other member countries and moving away from dollar-based payments."
Correct