Summary
Trump has threatened 100% tariffs on BRICS nations (Brazil, Russia, India, China, South Africa, and others) if they pursue de-dollarization efforts, including creating a new currency to challenge the U.S. dollar’s dominance in global trade.
Trump warned these nations could lose access to the U.S. economy.
BRICS members, frustrated by U.S. financial dominance, have explored alternatives, with Russia advocating for a new payment system to bypass sanctions.
Analysts say the dollar’s global reserve status remains secure in the near term despite these challenges.
The RMB has problems with how it is regulated to be a viable reserve and trade currency for most countries.
Currently the big contenders are the EUR, the GBP and the JPY if I recall it correctly.