Trump may be BRICS’s best recruitment agent
BRICS’s efforts to diminish dependence on the US financial system do not mean the dollar is about to lose its position as a global reserve currency.
The bloc’s 11 members – Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates – have enormous political and economic differences.
International transactions pass through financial institutions subject to US jurisdiction; access to US markets can be restricted; sanctions can isolate governments and companies from parts of the global financial system.
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