The BRICS are currently planning to create a reference currency to replace the dollar in trade between the countries that make up the group. Donald Trump has threatened to impose a 100% tax on products from BRICS countries if the idea of an alternative currency to the dollar goes ahead... Is it possible to make any predictions about the effects of this possible new reference currency on international trade and exchange rate stability? I am looking for specialized bibliography on this topic.
The potential impact of the BRICS currency on other currencies, including the dollar, depends on the economic strength of the group’s countries, trade exchange and exports.
A common BRICS currency could reduce dependency on the US dollar, enhance intra-BRICS trade, and strengthen political alliances. However, it may face challenges like economic disparities, monetary policy conflicts, and reduced national monetary autonomy.
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