US President-elect Donald Trump has threatened to impose 100% tariffs on BRICS countries if they replace the dollar in international trade.
The US dollar is the world’s reserve currency – used for almost 80 percent of global trade.
Its dominance gives the United States major economic advantages and significant geopolitical influence across the world.
But many countries in the BRICS group of emerging economies accuse Washington of using the greenback as a political tool.
The BRICS countries now aim to reduce their dependence on the dollar and have proposed a common currency.
President-elect Donald Trump warned the group that he would take action if it tried to undermine the dollar.
Furthermore, the war on Gaza has left the Palestinian economy in ruins; and Nigeria’s economic reforms.
