Gita Gopinath, former IMF Chief Economist and Deputy Managing Director, now back again at Harvard as a Professor, believes dollar dominance is unlikely to change in the near future, citing the strength of American institutions and its financial markets as critical factors.
Speaking at a White House event on Friday, Trump accused the group of trying to "take over" the US dollar and said he would not allow America's currency to "slide".
The US dollar has likely to be entered in a long-term downtrend because of several economic and political factors that suggest a weaker dollar in the coming years, according to a report by Jefferies.
US President Donald Trump warned BRICS nations against moving away from the US dollar, stating that any attempt to introduce a new currency would result in 100% tariffs on trade with the United States. His remarks reaffirm the administration's stance on preserving dollar dominance in glob
The signs of De-dollarization are evident in the commodities space, where energy transactions are increasingly priced in non-USD currencies, highlighted a report by JP Morgan.
With growing global fragmentation, and geopolitical and geostrategic shifts, de-dollarisation plans are gathering currency. On the other hand, BRICS countries are working on reducing dollar dominance in the global financial system by replacing it with a new global currency.