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US President Donald Trump and Chinese leader Xi Jinping prepare to meet for the first time since 2019 to finalize the trade deal. The meeting is set up in Gyeongju, South Korea, after a fierce rivalry broke out between the two nations since Trump imposed tariffs. However, gold proponent Peter Schiff cautioned that even if the US-China trade deal goes forward, de-dollarization will never stop. Also Read: Trader Loses Life Savings After Going All-In on Beyond Meat Stock China Will Continue the De-Dollarization Process, Says Peter Schiff Source: Shelbi Austin / Pavel Brykin / Li Muzi / Sputnik / AFP / Xinhua / Getty Images Schiff warned that the US-China deal will do nothing to address the rising budget deficits, interest rate cuts, soaring inflation, and de-dollarization. The average American will gain nothing out of the deals as the economic situation worsens in the homeland. He stated that Trump is trying to solve a problem that would not have existed if he hadn’t started it in th...

The world is now increasingly adopting diverse financial practices, including exploring alternatives in all major domains to safeguard their assets. With new elements coming in, investors now have a broader spectrum of safe-haven assets to explore. Rising geopolitical tensions coupled with aggressive foreign policies have weakened the US dollar, with the faith in the American currency weakening by the day. Here are three prominent reasons why the US dollar is not the safe haven asset that it used to be. Also Read: BRICS: Global Alliances Must Unite to Topple the US Dollar’s Supremacy US Dollar May Not Be Considered A Safe Haven Asset Anymore: Here’s Why 1. Plunging Share in Global Reserves Source: MoneyControl There was a time when the US dollar used to dominate global reserve shares. Nearly all major economies had abundant USD shares, with the American currency enjoying exclusive perks of being the “only” currency that held major power over its peers and competitors. However, wit...

The 46th ASEAN summit kicked off on Monday in Malaysia’s capital Kuala Lumpur and China and Indonesia signed a historic deal to settle payments in local currencies waving goodbye to the US dollar. The summit saw the alliance scrambling to safeguard their economies from Trump’s trade wars and tariffs. ASEAN countries saw more dependency on China and extended trade deals with the Communist country and not the US this time around. Also Read: Malaysia Says 10% US Tariff Floor Is Acceptable as Zero Becomes Unlikely At the ASEAN summit, China and Indonesia signed several major projects to deepen economic involvement and use local currencies for cross-border settlements. The development would boost both China and Indonesia’s GDP as the US dollar will not be involved in the transactions. The US dollar is being ignored by all major alliances as emerging economies are prioritizing local currencies for trade first. ASEAN Summit: China & Indonesia Sign Deals to Transact in Local C...

The phenomenon of de-dollarization is once again actively gaining momentum. The US dollar is declining rapidly, hammered heavily due to the recent US tariff ordeal that has ended up wounding the American currency. In the middle of this, calls to diversify away from the US dollar have also been heard, with nations and investors both looking forward to exploring capable USD alternatives. In the meantime, a group of ten Commonwealth of Independent States has decided to ditch the US dollar, moving away from the currency to uplift their economies and liberate them from the shackles of American hegemony. Also Read: Tanzania’s US Dollar Ban Set the Stage for Kenya & Other EAC Nations Why Is The World Moving Towards De-Dollarization? Source: Watcher Guru De-dollarization is not new. The phenomenon has long existed within the layers of the global economic structure and has now started to gain traction as US dollar hegemony continues to hurt nations. The US dollar is the world’s leading ass...

The U.S. markets crisis has intensified this week as stocks, bonds, and the U.S. dollar are all simultaneously plunging. This triple threat traces directly to policy choices made by the Trump administration, creating some unprecedented challenges for investors right now. Also Read: De-Dollarization: Experts Predict Outcome Of Yuan Vs. US Dollar How Trump’s Policies, Fed Tensions, and Debt Push Risk Higher Source: Yahoo Finance Treasury Yields Climb Amid U.S. Markets Crisis The bond yield surge has reached pretty alarming levels on April 21, with 20-year bonds exceeding 4.9% at the time of writing. This bond yield surge reflects growing concerns about Trump’s proposed $4.5 trillion tax cuts and also the already historic $1.3 trillion budget deficit that’s been accumulating. The U.S. markets crisis has investors piling into short-term debt while selling off long-term Treasuries. Trump Tax Cuts Fuel Deficit Worries Trump’s tax cuts proposal from 2025 has Republican ...

Brazil, which chairs the upcoming BRICS summit in 2025 confirmed that they plan on the formation of new payment systems. Under the leadership of Brazilian President Luiz Lula da Silva, the alliance will discuss alternative payment options to the US dollar. The BRICS Sherpas meeting will take the ideas forward and the upcoming 17th summit could see massive changes in the way the bloc operates and settles cross-border transactions. Also Read: When Is the BRICS Summit in 2025? Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The move could lead to a paradigm shift in global trade and tilt the financial powers from the West to the East. Developing countries are looking to cut ties with the US dollar and strengthen their local currencies in the forex markets. The US dollar is in the crosshairs of a major shift that could pave the way for native currencies to take the driver’s seat of the financial markets. Also Read: BRICS: Goldman Sa...

The de-dollarization agenda is gaining steam as a total of 12 countries have mutually agreed to abandon the US dollar for trade. The dozen countries have taken to local currencies for cross-border transactions to end reliance on the US dollar. The development indicates that emerging economies want to strengthen their local currencies and give them a boost in the forex markets. The global hegemony of the USD is on a slippery slope and developing countries want to fill in the void. Also Read: De-Dollarization: Will Donald Trump Crush Anti-USD Movement? After the White House pressed sanctions on Russia in February 2022, the de-dollarization initiative was officially kick-started. Both Russia and China went on a world tour, convincing other countries to ditch the US dollar. The idea seemed lucrative as it provided a chance for local currencies to gain an upper hand in the markets. Also Read: Trump’s Treasury Pick Reveals $500K Bitcoin Stake via BlackRock ETF De-Dollarization Rising: 12 Cou...

The current president-elect, Donald Trump, is leaving no stone unturned to bolster the US dollar. Trump is ready to put in efforts, planning strategic tariff cuts and reductions to ensure that countries diligently continue to support the US regency. But in an alternate scenario, Trump’s overprotective streak when it comes to the US dollar may backfire, ultimately leading the dollar to invite trouble. Here’s how it all may unravel. Also Read: Ripple: XRP On Track To Claim $10 – Here’s How Donald Trump and His Grandiose US Dollar Protection Plans Source: iStock The US dollar is currently a trending topic within the Trump leadership. Trump has unveiled massive plans to protect the US dollar, primarily through the deployment of extensive tariffs on nations moving away from the dollar. In one of his earlier interviews, the president-elect unveiled plans to impose tariffs on nations, particularly the BRICS bloc, who have reportedly been planning on ditching the US dollar in the long hau...

BRICS member Russia is aggressively pushing the de-dollarization agenda by making developing countries settle trade in local currencies. Russian President Vladimir Putin is convincing emerging economies to ditch the US dollar and push local currencies for cross-border transactions. The move will strengthen their native economies and give their local currencies a boost in the forex markets. Also Read: BRICS: India Makes Huge Announcement on New Currency Read here to know how many sectors in the US will be affected if BRICS accepts local currencies for trade. Russia is successfully bypassing US sanctions and keeping its economy afloat by making other countries ditch the US dollar. The development is hurting the US more as emerging economies as seriously considering advancing the de-dollarization initiative. Also Read: The US Dollar’s Clout Is Decreasing Globally, Says BRICS BRICS: Russia & Belarus Settle Trade Worth $37 Billion in Local Currencies Source: Reuters In 2024 alone, BRICS...

With the landmark event just days away, the BRICS 2024 Summit is set to see the economic bloc take a major step toward ending US dollar dominance. Indeed, the collective will gather in Kazan, Russia for the event that could be one of its most important. Chief among the matters to be discussed by the bloc is its ongoing de-dollarization efforts. At the recent Business Forum that took place in Moscow, the bloc officially debuted the long-awaited BRICS Pay system. The alliance debuted a demo card for participants to utilize throughout the weekend. Those efforts will likely continue at the summit, with the bloc poised to make monumental announcements. Source: thediplomat.com Also Read: BRICS Pay: Alliance Officially Unveils New Payment System BRICS to Take Major De-Dollarization Step at 2024 Summit The BRICS Summit has become one of the most important days for the alliance. In 2023, it saw the bloc welcome its first expansion effort since 2023. Specifically, the United Arab Emirates (UAE),...

23 countries have formally submitted their applications to join the BRICS alliance before the 2024 summit. The countries hail from Asia, Africa, and South America and are all emerging economies that want to use local currencies for trade instead of the US dollar. Find out how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: XRP in September: Buy or Sell? Find What Experts Think Inside! The development indicates that the bloc is lucrative to emerging economies as it provides a solution to help their local currencies grow. The BRICS alliance is at the forefront of the de-dollarization agenda, and developing countries are finding the initiative productive. Apart from 23 countries officially submitting their applications to join the bloc, 24 nations have informally expressed their interest in joining the BRICS alliance. Thus, the total number of countries willing to join BRICS has grown to 47. Also Read: Shiba Inu Member Explains How SHIB Can Reach...

BRICS is looking to create a new payment system for cross-border transactions without incorporating the US dollar in the mechanism. The payment system will embody local currencies for trade settlements and end reliance on the US dollar. The new payment mechanism is termed ‘ BRICS Bridge’ and is looking to re place the US SWIFT system and cut ties with the dollar. Also Read: BRICS : US Markets Could Face Substantial Losses, Analyst Declares The ‘ BRICS Bridge’ is Russia’s idea and the Putin administration will discuss the prospects and development with the other member countries. The concept will most likely be addressed in the upcoming summit in October this year which is held in the Kazan region of Russia. BRICS Bridge To Challenge SWIFT & the US Dollar Source: Reuters The payment system will be a standalone mechanism with mutual currencies being traded for settlements among member nations. The US dollar will find no place in the ‘ BRICS Bridge...