With the rise in geopolitical tension, both the West and the global South are currently showing no desire to step back in their positions. The BRICS countries continue to push for de-dollarization, despite US President Donald Trump's recent warning about imposing large tariffs, SurtoRank reports.
Trump threatened that any effort to continue trade outside the US dollar would lead to 100% tariffs on BRICS countries. Meanwhile, Brazil, the 2025 Alliance Chair, continues to denounce the need for global economic reform.
The country has played a key role in pushing for alternatives to dollar dependence - a position that President Lula has been advocating since 2022.
Donald Trump has long advocated for The status of the US dollar as the world's reserve currency, arguing that the loss of this position would be equivalent to losing a war. His administration has opposed BRICS discussions on alternative trading currencies, warning that countries that seek de-dollarization could be penalized by higher taxes on imports.
While the bloc denies plans for a single currency, the bloc continues to push for diversification of methods for trade payments.
In its statement, Brazil stressed that economic and financial reforms are key topics for the BRICS summit in 2025. The main emphasis is on the restructuring of the International Monetary Fund (IMF) and the creation of the New Development Bank (NDB) of the BRICS, which actively promotes the use of local currencies in international trade.
Donald Trump has publicly condemned these efforts, fueling speculation that his proposed tariffs could soon to be imposed. If implemented, these measures could have far-reaching consequences for global trade and economic stability.