Despite the BRICS bloc’s ongoing attempts to lessen Western reliance economically, one expert has said that the whispers of a US dollar demise are greatly overstated as the alliance’s impact has faltered. Indeed, the recent de-dollarization efforts have seemingly had far less impact than the group would have hoped.
That does appear to be occurring alongside a shift for the bloc. Specifically, Russian President Vladimir Putin, who was the loudest proponent of ditching the greenback, has recently assured he would not continue trading outside of the currency. Moreover, he could be seeking a boost to US relations amid Donald Trump’s incoming return to the White House.
Also Read: Donald Trump Unlikely to Stop BRICS Nations Trading in Local Currencies
BRICS Expert Says US Dollar Demise is Further Away Than Alliance Thinks
The BRICS bloc is currently caught in an interesting position. Over the last two years, the group has been firmly committed to de-dollarization. Indeed, it has sought to increase local currency trade and reap the benefits of what that could mean for its member nations.
However, those efforts have had far less of an impact than originally thought. Moreover, amid BRICS policies, one expert has said that talk of a US dollar demise is overstated. Specifically, Tom Czitron of The Globe and Mail recently discussed why investors should keep their funds in the Americas as opposed to embracing the vision of the global south.
A year ago, Czitron had written a piece discussing the impending fall of the greenback. However, recent developments led him to reconsider his position. “Since that column,” he wrote, “I’ve become convinced that the decline is even further away from being realized.”
Source: OilPrice
Also Read: Why 2025 Could be the End of BRICS’ De-Dollarization
“The economies of the BRICS countries are looking worse all the time, especially that of Russia,” he added. “The US/Europe economic growth gap is widened, and that trend will no only intensify with Donald Trump about to bring in America-first policies.”
Trump represents the biggest catalyst for the economic alliance. He has continued to ensure his focus is on the United States, with policies looking to benefit its international standing. One of the chief focuses of his incoming administration is on the securement of the US dollar’s status. Specifically, as the world currency.
“Many countries are leaving the dollar,” Trump said at a September 2024 campaign rally. “They’re not going to leave the dollar with me. I’ll say, ‘You leave the dollar; you’re not doing business with the United States because we’re going to put a 100% tariff on your goods.”
