Donald Trump, in a recent speech, drew public attention to the possible consequences of losing the dollar's status as a global reserve currency.
Risks of Losing Dollar Status
In his speech, Trump stated: "If we lose the global reserve currency status of the dollar, we will become a third-world country!". The former president also added that losing the dollar's power is equivalent to losing the war, emphasizing the importance of preventing this scenario.
Proposed Measures
Trump also spoke about the necessity of implementing economic measures against countries abandoning the dollar. He highlighted the importance of keeping the dollar as the world's reserve currency and expressed readiness to impose a 100% tariff on goods from countries that no longer use the dollar.
BRICS Actions
Over the past year, BRICS countries such as China, India, Brazil, Russia, and South Africa have held a summit to discuss the de-dollarization process. Russia and China have already started conducting trade in local currencies, bypassing US sanctions. This allows the Russian economy to remain stable despite external constraints.
Donald Trump's position is aimed at protecting the dollar's status as the world reserve currency. BRICS countries continue to take steps to strengthen their currencies by bypassing the dollar.
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