Market News
Brazil nixes BRICS currency, eyes less reliance on 'mighty' dollar - REUTERS
By Marcela Ayres, Bernardo Caram and Lisandra Paraguassu
Summary
- Brazil's BRICS presidency won't push for common currency
- Agenda would ease global payments, reduce dollar reliance
- July BRICS summit to discuss cross-border payment systems
BRASILIA, Feb 13 (Reuters) - Brazil's BRICS presidency this year will not advance a common currency for the group of major developing economies this year, four government officials said, but its agenda may pave the way for less reliance on the U.S. dollar in global trade.
That agenda could draw the ire of U.S. President Donald Trump, who has repeatedly warned the BRICS group, founded by Brazil, Russia, India, China, not to challenge the dominance of "the mighty U.S. Dollar."
"There is no chance that BRICS will replace the U.S. Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!" Trump wrote on social media last month.
On Thursday, he repeated the threat of "100% tariffs" on BRICS nations "if they want to play games with the dollar."
