Top Economist Predicts the Future of BRICS Currency
BRICS is now under pressure from President-elect Donald Trump to abandon the formation of their new currency. For the uninitiated, the alliance is working on the formation of a basket of currencies to settle cross-border transactions. The alliance wants to cut ties with the US dollar for global trade and use currencies that benefit their native economies. Trump has warned of a 100% tariff on goods entering the US if the bloc sidelines the US dollar globally. Also Read: BRICS Countries React to Trump’s 100% Tariff Threats Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The American economy will be severely impacted and its global hegemony could be uprooted if the USD is not accepted by developing countries. It could also lead to hyperinflation in the homeland making daily essentials skyrocket. Also Read: BRICS: 2 Countries Pay 80% of Trade in Local Currencies, Not US Dollar BRICS Currency: Economist Predicts its Future Prospects Sourc...