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GLOBAL POLITICAL RISK: No Talk Of Setting Up BRICS Currency, Kremlin

GLOBAL POLITICAL RISK
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Kremlin spokesperson Dmitry Peskov told reporters in Moscow "there is no talk" of setting up a BRICS currency, in response to a tariff threat issued by US President Donald Trump yesterday, per Reuters. 

  • Reuters: "Kremlin says BRICS is considering new joint investment platforms, says US experts need to brief Trump in more detail about subject... On Trump tariffs threat over potential BRICS currency, says there's no talk of setting up such a currency."
  • Trump wrote in a message on Truth Social: "The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER. We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy."
  • Bloomberg noted, after Trump made a nearly identical threat on November 30, "While some potential dollar rivals such as the Chinese yuan have already made inroads, that has often happened at the expense of currencies other than the dollar."
  • Bloomberg added: "Despite the group’s rhetoric, the infrastructure that backs the dollar, such as the cross-border payment system, will likely give the US currency a decisive edge for decades to come."
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Kremlin spokesperson Dmitry Peskov told reporters in Moscow "there is no talk" of setting up a BRICS currency, in response to a tariff threat issued by US President Donald Trump yesterday, per Reuters. 

  • Reuters: "Kremlin says BRICS is considering new joint investment platforms, says US experts need to brief Trump in more detail about subject... On Trump tariffs threat over potential BRICS currency, says there's no talk of setting up such a currency."
  • Trump wrote in a message on Truth Social: "The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER. We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy."
  • Bloomberg noted, after Trump made a nearly identical threat on November 30, "While some potential dollar rivals such as the Chinese yuan have already made inroads, that has often happened at the expense of currencies other than the dollar."
  • Bloomberg added: "Despite the group’s rhetoric, the infrastructure that backs the dollar, such as the cross-border payment system, will likely give the US currency a decisive edge for decades to come."