Economic advisers to former U.S. President Donald Trump are considering sanctions on countries that move away from the U.S. dollar.
According to an April 26 report by Bloomberg News, Trump and his team are searching for alternatives to stop nations both friendly and antagonistic to Washington from ditching the greenback in favor of other currencies. Sanctions such as export controls, currency manipulation charges and tariffs aren't off the table, people aware of the issue told the news outlet.
The Bloomberg News piece highlighted that Trump, his economic advisers and his campaign team have particularly considered suppressing de-dollarization attempts by the BRICS group. The group consisting of five core nations – Brazil, Russia, India, China and South Africa – recently gained four new members: Egypt, Ethiopia, Iran and the United Arab Emirates. It has advanced the use of national currencies in bilateral trade, and has already discussed de-dollarization at a summit in August of last year.
BRICS is gaining worldwide weight after inviting major oil producers Saudi Arabia and the U.A.E., as well as other nations in an expansion move this year. It has even indicated the probability of introducing a new single currency in the following years.
For his part, Trump – who is seeking a probable second term – has frequently stated that he wants the U.S. dollar to remain the world's reserve currency both publicly and privately.
"I hate when countries go off the dollar," Trump said during a March 11 interview with CNBC. "I would not allow countries to go off the dollar because when we lose that standard, that will be like losing a revolutionary war. That will be a hit to our country."
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The former president reiterated this stance on April 25, warning that the world will "lose the dollar as a standard" under incumbent President Joe Biden. "That'll be like losing the biggest war we’ve ever lost," Trump continued.
Trump favors a STABLE dollar
According to Bloomberg News, "Trump has favored a stable dollar, and [has called] for other nations to match that policy by avoiding interventions that look to devalue their currencies." It cited one person acquainted with the subject, who disclosed that the former president has privately said he doesn't presently view the merits of dollar intervention.
"The worldwide trend toward employing national currencies in trade instead of the U.S. dollar obtained considerable momentum after Russia was separated from the Western financial system and its foreign reserves frozen in 2022 as part of Ukraine-connected sanctions," Russia Today wrote.
The Russian state-owned media outlet continued that the verbal reaction against the greenback's supremacy in the worldwide financial system further gained traction after the Group of 20, under U.S. leadership, headed efforts to impose hard economic sanctions on Russia. Access to the dollar was restricted to the Central Bank of Russia, government officials and some 2,500 others.
Moreover, Bloomberg News also mentioned that Biden's signing of the Rebuilding Economic Prosperity and Opportunity for Ukrainians (REPO) Act on April 24 could further incite de-dollarization, according to financial experts. The measure, which was included in the $61 billion military aid package for Kyiv, permitted the U.S. president to seize Russian state assets kept in American banks to aid Ukraine's reconstruction. (Related: U.S. lawmakers introduce bill that allows government to STEAL Russian assets and give them to Ukraine.)
The REPO Act has triggered concern from several Republican legislators, who worry it will weaken the role of the U.S. dollar in the worldwide financial system.
Watch Andy Schectman explain to the Health Ranger Mike Adams why the U.S. dollar will be obsolete as BRICS nations roll out new currency innovations.
This video is from the Health Ranger Report channel on Brighteon.com.
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