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BRICS members China and Brazil officially announced to settle payments in local currencies to reduce dependency on the US dollar. This comes after China imposed an additional 34% tariffs on all US goods entering the country in a countermeasure to Trump. Several countries are expressing their displeasure against the US tariffs and finding alternatives to the dollar to safeguard their economies. Also Read: BRICS: New Country Rejects National Currency for Oil, Demands US Dollar In addition, China also announced the restriction of local companies from investing in the US. The move stops the inflow of funds to the US making the markets slow down. The US could lose billions worth of institutional investment from China as a countermeasure to Trump’s tariffs. Read here to know how many sectors in the US will be impacted if BRICS uses local currencies for trade. Also Read: BRICS Considers New Financial Options For Trade Settlements JUST IN: China to impose additional 34% tariff on US g...

The joke’s on the BRICS de-dollarization agenda as the US dollar is wreaking havoc on their respective local currencies. Forget de-dollarization, BRICS countries have been unable to save their local currencies from the rising US dollar for over a month. Read here to know the major US sector that will be affected if BRICS completely ditches the dollar for trade. Also Read: BRICS : Start of De-Dollarization, 52% Trade in China Settled in Yuan Bloomberg’s Asia Index shows local currencies, which form a bigger part of BRICS falling 3% in a month. The Chinese yuan is the biggest loser among the lot as it shed 2% during the same period. Even the Indian rupee fell to a new low of 83.63 in late June but recovered briefly after the fall. Brazil’s real has dipped more than 10% this year and is finding it hard to sustain against the USD. Also Read: China Advances De-Dollarization Agenda At the SCO 2024 Summit Source: MarketWatch The DXY index, which tracks the performance of ...