December 20, 2024 — In 2023, the leaders of Brazil and other BRICS countries – Russia, India, China, and South Africa – began to discuss the creation of a new common currency. At a BRICS summit meeting two months ago, they continued to talk up the currency proposal. New members as of this year, Egypt, Ethiopia, Iran and the United Arab Emirates would presumably also be included.
The idea is to encourage a shift in the global monetary system away from dominance of the dollar, which has held sway the last 75 years. This has provoked President-elect Donald Trump. On November 30, 2024, he reiterated a warning to the BRICS that he required “a commitment from these Countries that they will neither create a new BRICS Currency nor back any other Currency to replace the mighty US Dollar, or they will face 100% Tariffs.”