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US actions pushing countries to seek dollar alternatives for trade
Orissa POST
|July 12, 2025
US President Donald Trump has proposed a 10 per cent tariff on all BRICS nations for conducting trade in non-dollar currencies, overlooking that such moves were prompted by Washington's own economic and geopolitical actions, economic think tank ‘The Global Trade Research Initiative (GTRI) said Friday.
BRICS members are India, Brazil, Russia, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia, and Iran.
GTRI said US sanctions and SWIFT bans on countries like Russia, Iran, and Venezuela, have blocked dollar-based payments, forcing nations like India and China to trade in local currencies with Russia.
SWIFT is a global messaging system that routes payment instructions between banks worldwide.
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