Trump Warns of Dollar Collapse: Could America Become a Third-World Country?
Donald Trump warns that if the US loses its global reserve currency status, it risks becoming a third-world country, as BRICS nations move toward de-dollarization. He proposes tariffs to combat the shift.
Former US President Donald Trump has raised alarms about the potential collapse of the US dollar’s global dominance, warning that if the dollar loses its status as the world’s reserve currency, America risks becoming a “third-world country.” Speaking at a rally, Trump highlighted how the BRICS nations (Brazil, Russia, India, China, and South Africa) have been advancing their de-dollarization efforts, which have gained momentum following Russia’s 2022 invasion of Ukraine.
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Trump emphasized the impact of US sanctions on countries like Russia, Iran, and China, claiming that these actions have pushed these nations to seek alternatives to the dollar in international trade. He added that losing the dollar’s dominance would be akin to losing a war, urging that the US must act decisively to prevent this outcome.
In response to these developments, Trump pledged to impose a 100% tariff on any country attempting to abandon the US dollar in favor of other currencies. This new tariff policy would penalize both allies and adversaries engaging in trade using non-dollar currencies. Trump also pointed out that discussions among BRICS nations have been increasingly focused on establishing trade mechanisms that exclude the dollar, highlighting that China, India, and Russia have already made significant progress in settling trade in their local currencies.
Despite US sanctions, Russia’s economy has shown resilience, particularly with the Chinese yuan overtaking the dollar as the most-used currency for cross-border trade. Russia’s economy continues to grow, with industrial production and military manufacturing up by 3.3% in July, and GDP growth in the first half of 2024 reaching 4.6%. The country’s unemployment rate has also fallen to a record low of 2.4%, indicating its ability to thrive despite external pressures.
Trump reiterated his desire for the US dollar to remain the global reserve currency but stressed the need for strong action to prevent further erosion of its status
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