Can the American dollar be replaced with a new currency?
US President-elect Donald Trump has threatened BRICS countries with 100% tariffs, should they attempt to replace the American dollar
βIβm not sure if Egypt is looking to replace the dollar at the moment. Iβm not sure even BRICS wants to do that at the momentβ - Wael Gamal, Egyptian Initiative for Personal Rights
US president-elect Donald Trump recently threatened BRICS member states with 100% tariffs, should they go against his countryβs currency.
βWe require a commitment from these countries that they will neither create a new BRICS currency, nor back any other currency to replace the mighty US Dollarβ, he told his social media followers.
He further said, these nations βshould expect to say goodbye to selling into the wonderful US economyβ.
BRICS is an acronym for a bloc of five states, Brazil, Russia, India, China and South Africa.
Founded in 2009, it aims to promote economic co-operation and increase multilateral trade and development among member states.
Trumpβs remarks come after the bloc welcomed new members including Egypt, Ethiopia, Iran and the United Arab Emirates.
Presenter: Alan Kasujja
Guests: John Steenhuisen and Wael Gamal
Podcast
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