BRICS Settlement System Moves Forward Amid U.S. Tariff Threats

Despite threats from U.S. President-elect Donald Trump to levy 100% tariffs, work on the BRICS settlement system will continue. Trump had urged BRICS countries to avoid supporting a currency to replace the U.S. dollar. Russian officials clarified that the system is about settlements, not a new currency.

Work on the BRICS settlement system will proceed unabated, despite the looming threat of 100% import duties by U.S. President-elect Donald Trump. According to Russian Deputy Foreign Minister Alexander Pankin, the proposed initiative is centered around creating a settlement framework, not establishing a new global currency.

Trump issued warnings to BRICS nations last week, demanding they commit to refraining from supporting or developing an alternative currency to the U.S. dollar, threatening substantial tariffs otherwise.

Russian sources made it clear that BRICS is focused on enhancing financial transactions, emphasizing settlement over currency creation, as Pankin underscored the continuation of this strategy.

(With inputs from agencies.)