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The gloves are off, and it’s officially BRICS vs the US in the trade wars ignited by President Donald Trump. India was first slapped with 25% tariffs, and Trump increased it to 50% on Wednesday. The 50% tariffs were also imposed on Brazil, leaving the alliance reeling on what steps to take next. Trump has systematically targeted the bloc one-by-one citing their procurement of Russian crude oil as the main reason. India and Brazil have been buying Russian oil at discounted prices due to the sanctions. In this article, we will highlight the tariffs imposed by Trump in the ongoing BRICS vs US trade war. Also Read: Malaysia Attracts $25 Billion in BRICS Investments Tariffs, Powerplay, and Trade Wars: It’s Officially the US vs BRICS Brazil Source: CNBC BRICS vs US began on Liberation Day and has only intensified since then. Brazil is among the countries with the highest tariffs, with 50% duties being charged on the movement of goods. President Lula da Silva said that he will not ...

BRICS member China has given the nod for two flying taxis’ manufacturers, GOVY and eVTOL, to reassemble a small helicopter that can fly at an altitude of 100 to 300 meters. The founder of GOVY, Su Qingpeng, confirmed that the government granted flight authorization and the firm could manufacture by 2027. The first batch of sales of flying taxis from China will be delivered to BRICS counterparts Russia and the UAE. A company based in the United Arab Emirates has placed orders for 350 flying taxis from eVTOL. The total estimated value of the pre-orders for the 350 flying taxis is projected at $1 billion. Also Read: The Mighty BRICS Folds Under Pressure BRICS Member China To Start Flying Taxis by 2027, Plans First Batch of Sales to Russia and the UAE Source: Reuters / Benoit Tessier Qingpeng revealed that GOVY’s flying taxis can reach up to a speed of 130 kilometers per hour. The design will be a two-seater, built flying machine that will resemble a small helicopter. If GOVY in...

The BRICS alliance will discuss the rare earth elements (REEs) supply and exports at the upcoming 2025 summit. The 17th summit is scheduled on July 6 and 7 in Brazil’s Rio de Janeiro. For the first time, the 10-member bloc, along with 14 ‘partner countries will sit at the table to discuss the future of the group. From initiating new trade deals to settling payments in local currencies and expansion, all of these remain on the cards. Also Read: BRICS Aims To Topple US Dollar With a New Currency That Does Not Exist BRICS member China controls 70% of the rare earth supply and its mining output holds 90% of the world’s processing and refining. The Communist country commands the REE sector and has placed export curbs on rare Earth magnets on April 4, 2025, as retaliation against Trump’s tariffs. It paused all supplies across the globe and the demand for it is now rising. China will dominate the summit with discussions about the supply and rewrite trade deals for expor...

Tanzania took a leaf from the BRICS alliance and announced a ban on US dollar transactions within the country. Only the Tanzanian Shillings (TZS) are made a legal tender while all foreign currencies are deemed illegal. The government decided after foreign currencies were used for all local transactions among residents. To curb the influence and strengthen the TZS, President Samia Suluhu Hassan took the bold step of leaving other currencies behind. Also Read: Can BRICS Topple the US Dollar? Brazil Central Bank Director Explains BRICS: Tanzania’s New update, Businesses That Deal With Foreigners Can Transact in the US Dollar Source: altezzatravel.com Johnson Nyella, Principal Secretary for the Ministry of Finance made a major announcement that businesses in Tanzania that deal with foreigners are allowed to accept the US dollar for transactions. The decision came after businesses showed concerns that foreign clients are reluctant to conduct business in local currencies. Therefore, the...

The US dollar forecast for 2025 reveals unexpected strength, rising a surprising 7% in 2024 despite two Fed rate cuts. This remarkable resilience has caught many analysts by surprise and also raises important questions about de-dollarization efforts, BRICS currency initiatives, Trump’s tarrifs, and various economic policies that are currently shaping global markets. Also Read: Shiba Inu (SHIB) Forecasted To Rise 7,000%: Here’s When BRICS, Inflation, And The 2025 US Dollar Forecast Explained Source: CNBC Growth Supporting Dollar Dominance The US dollar forecast for 2025 from J.P.Morgan indicates continued strength for the foreseeable future. While the DXY Index actually peaked back in 2022, the real broad effective exchange rate remains near historic highs and is currently sitting about two standard deviations above its 50-year average, which is quite remarkable. America’s economy is projected to grow approximately 2.7% in 2025, significantly outpacing the 1.7% forecast for o...

A handful of developing countries from across the globe are expressing their interest in joining the BRICS alliance. From Asia to Africa and Europe, emerging economies find the prospects of the bloc alluring. The progressive nature of BRICS is drawing them towards the group in an effort to self-sustain their economy. Also Read: More Countries Ready to Join BRICS Alliance Read here to know how many sectors in the US will be affected if the BRICS alliance ditches the dollar for trade. The move will strengthen local currencies and dim the light on the prospects of the US dollar. The financial power could shift from the West to the East leading to a paradigm shift in the global economy. New Country Looks To Join BRICS Alliance Source: news.bitcoin.com Zimbabwe is the new country that is aggressively pursuing to join the BRICS alliance in 2025. The African nation revealed that it wants to join forces outside the Pan-African region to gain growth through fostering economic partnerships. Zimb...

Brazil will chair the BRICS summit in 2025 under the helm of President Luiz Lula da Silva. The alliance will reinforce its commitment to reshape the global order and usher their economy into a new financial territory. Apart from discussing financial issues, the bloc will also make decisions on climate change and global governance. Also Read: BRICS: Goldman Sachs Predicts US Dollar Will Experience a Boom The BRICS alliance will collectively collaborate on policymaking at the 2025 summit and represent the population of developing nations. This year’s summit is important as the nine-member bloc will decide on concrete steps to strengthen their economies. The move could reshape the geopolitical landscape and challenge the Western-dominated global financial order. Also Read: De-Dollarization: Economist Predicts the Future of the US Dollar When & Where Is The Next BRICS Summit in 2025? Source: Alan Santos / PR / Wikipedia Commons The next BRICS summit in 2025 is scheduled to take place ...

US President Donald Trump has spared BRICS member India from tariffs as they officially embraced the US dollar for trade. Trump imposed 25% tariffs on Mexico and Canada and ignited a global trade war. He also imposed 10% tariffs on China and could go further if they advance the de-dollarization agenda. Also Read: BRICS: 2 Countries Officially Agree To Ditch the US Dollar For Trade However, BRICS member India has been spared from tariffs as they spoke positively about using the US dollar for cross-border transactions. India’s Foreign Minister S. Jaishankar repeatedly said in multiple interviews that they do not support the de-dollarization initiative. He explained that India will settle trade in local currencies with other countries only when it fits the trade agreement. Jaishankar also praised Trump and said that India has a good relationship with the new White House administration. “We’ve always said that India has never been for de-dollarization,” he said at v...

Germany’s largest financial establishment Deutsche Bank confirmed in a recent report that BRICS has settled 28% of trade in cryptocurrencies. The new form of remittance comes at a time when the alliance is looking to end dependency on the US dollar. The bloc is finding several avenues to use all other forms of payments except the US dollar for cross-border transactions. Also Read: BRICS: 3 Countries & 1 Continent Make Bold Plans to Ditch US Dollar Deutsche Bank revealed in its report that the remittances in cryptocurrencies from BRICS members have surged by 147% in 2024. The development adds pressure on the US dollar as emerging economies are cutting ties with the world’s reserve currency. The move will strengthen local currencies making businesses thrive in emerging economies. Also Read: BRICS: De-Dollarization Is Unstoppable BRICS: 28% of Trade Settled Using Cryptocurrencies, Say Deutsche Bank Source: securityaffairs.com The trillion-dollar asset management firm, Vaneck’s ...

BRICS member Russia’s economy is thriving despite the US pressing sanctions since February 2022 for invading Ukraine. The country has bypassed the sanctions and began settling trade in local currencies. The Chinese yuan is now the most used currency for cross-border transactions in Russia and not the US dollar. The Russian ruble is also being heavily used for trade settlements helping its economy stay afloat even during sanctions. Also Read: BRICS: Chinese Yuan Beats Euro To Become the Second Most Used Currency The sanctions on Russia are what led to BRICS kickstart the de-dollarization agenda around the world. The US Treasury Secretary Janet Yellen confirmed that de-dollarization gained steam after the sanctions on Russia. The alliance is looking to promote local currencies for trade to strengthen their native economies. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS Endorses New Country To Join the Alliance B...

The BRICS alliance is attracting new members from all corners who want to join the bloc and ditch the US dollar for trade. The alliance is becoming lucrative for developing countries that want to strengthen their local currencies and native economies. These nations are eager to break free from the clutches of the US dollar and make either their local currencies, CBDCs, or even Bitcoin the legal tender for cross-border transactions. Also Read: China Approves New BRICS Member One such country is El Salvador, which is exploring the options to join the BRICS alliance in 2024. El Salvador is the first country to legalize Bitcoin and also owns $400 million worth of BTC in their reserves. BRICS member Russia has been sanctioned by the US for nearly two years and is looking to settle trade without the dollar. The sanctions are allowing El Salvador to sign new deals with BRICS member Russia . Russia needs a mutual understanding with El Salvador to navigate its economy without depending on ...

India supports the formation of a new BRICS payment system to bypass the US dollar for all trade and transactions. Not just India , other BRICS members and developing countries share similar thoughts, said the India n Institute of Science (IISc) director Narain Roy. The director expressed his support for the new BRICS payment system saying that India favors the independent trade settling mechanism. If the new payment system is launched, the US dollar will no longer play a dominant role in cross-border transactions. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: US Dollar Shows No Mercy To BRICS Nations’ Currencies India Will Support the New BRICS Payment System: IISc Director Source: Forbes / GettyImages The BRICS alliance is looking at various ways to end reliance on the US dollar and help local currencies thrive. The launch of a new payment mechanism will hit the first nail in the US dollar’s coffin. Developing...