Coupled with a threat of 100 per cent tariffs, this hard-line approach underscores the challenges facing the United States as it seeks to maintain the dollar's hegemony in a rapidly evolving global economic order.
BRICS nations, including Brazil, Russia, India, China, and South Africa, have been vocal about reducing dependence on the dollar in trade. The bloc's discussions about creating a shared currency or adopting other mechanisms to settle international transactions are gaining momentum, signalling a potential challenge to the dollar's dominance.
This story is from the December 04, 2024 edition of The Statesman.
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This story is from the December 04, 2024 edition of The Statesman.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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