Donald Trump Warns of Dollar’s Demise Amid BRICS-Oil Moves – Crypto News – Crypto News
Connect with us
Donald Trump Donald Trump

Technology

Donald Trump Warns of Dollar’s Demise Amid BRICS-Oil Moves – Crypto News

Published

3 years ago

on

As geopolitical tensions rise, former US President Donald Trump sounds the alarm over the greenback’s global position. He pointed to BRICS’s aggressive moves towards de-dollarization as a chief concern. Meanwhile, oil trade dynamics seem to support his views, suggesting a seismic shift in global economic balance.

BRICS’s power lay: oil as a currency weapon

The BRICS alliance, representing some of the world’s major economies, has actively pursued de-dollarization, with oil trade taking centre stage. Recent actions by these countries indicate a concerted effort to reduce reliance on the US dollar. 

India settled crude oil transactions with the UAE in Rupees, while France opted for the Chinese Yuan in its gas trade with China. Besides, Russia has followed suit, leveraging the Yuan for its oil imports.

In his open Fox Business interview, Trump stressed the importance of these initiatives. He said, “Our country is going to hell, and we’re not going to be the big boy.” Additionally, he worried about the US dollar’s declining worldwide influence. Such shifts, he believes, could have consequences graver than any war, particularly if the US dollar loses its reserve currency status.

More Countries Joining BRICS?

Significantly, Saudi Arabia’s potential inclusion in BRICS has caught international attention. Morocco also recently sent proposal for BRICS membership. Given that the country holds a dominant position in OPEC and has predominantly traded in US dollars for the past 50 years, its shift would be monumental. Consequently, if the country leans towards BRICS, a considerable chunk of oil sales may bypass the US dollar altogether.

Hence, the upcoming BRICS summit in Johannesburg holds substantial weight. If BRICS expansion plans, especially concerning Saudi Arabia, materialize, it might profoundly alter the economic power dynamics. With the possibility that 90% of oil sales might no longer settle in US dollars, the ramifications for the United States could be significant.

The BRICS alliance’s continued pursuit of economic independence and dominance might influence other nations to pivot away from the US dollar. If Trump’s warnings hold water, the world will watch how these geopolitical manoeuvres play out.

<!–

Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]

Top 10 Web3 Games To Explore In 2023; Here List

–>

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

<!–

Crypto Stories

View all

twitter_is_now_worth_just_33__of_elon_musk___s_purchase_price_720twitter_is_now_worth_just_33__of_elon_musk___s_purchase_price_720
Twitter is now worth just 33% of Elon Musk’s purchase price

will_cramer_curse_strike_again_720will_cramer_curse_strike_again_720
Will Cramer Curse Strike Again?

mercedes_benz_to_release_nft_collection_with_fingerprints_dao_720mercedes_benz_to_release_nft_collection_with_fingerprints_dao_720
Mercedes Benz To Release NFT Collection With Fingerprints DAO

–>

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending