Brazilian President, Luiz Inácio Lula Da Silva, said the lands of Bricks will not stop his dedolarization attempts, despite the duties of the American President Donald Trump, and will continue to look for options for moving trade from dollars.
Trump sent numerous threats to Bricks since he was chosen in November last year. He acknowledged that the endeavor to reduce the dependence on the dollar in bilateral trade and promotes national currencies undermines the dominance of the dollar, which he strives to resist.
Speaking at the group meeting on Thursday, Lula said Brazilian Chairman of Bricks would strengthen the pressure block for the multipolar world this year. The group, which has recently expanded and now consists of Brazil, Russia, India, China, South Africa, Ethiopia, Iran and Egypt, amplifies the use of national currencies in mutual trade.
“The threats of the Customs of the President of the United States Donald Trump will not stop the group’s determination to seek alternative pay platforms between Member States,” Lula said.
Trump repeatedly threatened to stop trade with group members if they try to “destroy” the dollar.
Earlier this month, he promised once again that he would introduce great customs to all imports from Briks countries if they continue plans for establishing a common currency. The current members of the Brick consists of about 46 percent of the world’s population and more than 36 percent of Global GDP, according to different estimates.
Trump warned last week that every State of Bricks will even mention the destruction of the dollar be introduced by a duty of 150 percent.
In recent years, speculation circles about the potential unique currency of the Brick. Lula is 2023. expressed support for the idea of the trade currency within the economic group, withdrawal parallels with the euro.
Although members of the Brick denied plans to establish a single currency, they have increased efforts in recent years to reduce relying on Western currencies in bilateral trade.
The trend received a significant momentum after Russia cut off from the Western financial system and since its foreign exchange reserves 2022. year within sanctions due to conflicts with Ukraine.
The countries of the Brick, including Russia, claim that the United States weakens the dollar itself politicizing it to sanctions, transmits “24sedam”.
