According to RT, on December 3, Chinese Foreign Ministry spokesman Lin Jian said that BRICS is an important platform for cooperation between emerging markets, with the goal of achieving comprehensive development and prosperity instead of engaging in “factional confrontation” or “targeting any third party”.
“China is willing to continue working with BRICS partners to promote substantive cooperation in various fields, further contributing to the sustainable and stable growth of the world economy,” the diplomat continued to share.
On November 30, Mr. Trump warned that he would impose 100% tax on goods from BRICS countries if a new currency was adopted among members or an existing currency was strengthened to compete with the USD.
President-elect Donald Trump has pledged to use tariffs to address the US trade deficit, push manufacturers to move overseas and achieve other geopolitical goals.
Since its inception in 2006, BRICS initially consisted of Brazil, Russia, India, China, and South Africa, but by January 2024, the group of emerging economies had added Egypt, Iran, Ethiopia, and the United Arab Emirates (UAE). About 30 other countries have expressed interest in joining BRICS.
In June 2022, Russian President Vladimir Putin said that BRICS members were considering creating an international reserve currency. The announcement came after Russia was hit with a series of sanctions from the West for its military intervention in Ukraine, which effectively cut Moscow out of the US dollar financial system.
Despite the support of Brazilian President Luiz Inacio, last month, Mr. Putin said it was still too early to talk about a common currency for BRICS because member economies still need to develop and integrate further.
