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Amidst the talk of the BRICS nations development of an alternate currency US Treasury Secretary Janet Yellen has stated that the sanctions on countries like Russia Claiming Brics was “dead”, Trump threatened additional tariffs of 100 per cent on imports from Brics nations for playing “games with the dollar”. U.S. President-elect Donald Trump has warned the BRICS countries that if they attempt to replace the “mighty U.S. dollar” they would face “100 percent tariffs and should The integration of payment systems within the BRICS bloc could provide a viable alternative to the US-controlled SWIFT system, reducing vulnerability to US sanctions. Speaking with the House Financial Services Committee in July, Treasury Secretary Janet Yellen said the U.S. economic sanctions have led to BRICS trying to kickstart Now, amidst the plans made by the BRICS nations, Treasury Secretary Janet Yellen has spoken on sanctions ultimately hurting the dominance of the US dollar. The US Treasury Secretary Janet Yellen has once again admitted that sanctions affected the US dollar. She testified on Tuesday before the House Financial The BRICS Cross-Border Payment Initiative (BCBPI) will use national currencies, instead of the US dollar. Russia's finance ministry and central bank released a A BRICS currency “increases our payment options and reduces our vulnerabilities,” he told the [USN:L8N39J2WE TEXT:“summit’s”] opening plenary session. The U.S. dollar remains the world's primary reserve currency, and neither the euro nor the so-called BRICS countries have been able to reduce global reliance on the dollar

BRICS Treasury Secretary: Sanctions Could Hurt US Dollar Amidst Alternate Currency Plans

Amidst the talk of the BRICS nations\' development of an alternate currency, US Treasury Secretary Janet Yellen has stated that the sanctions on countries like Russia could ultimately hurt the dominance of the US dollar. Her comments come as the BRICS nations actively explore ways to reduce their reliance on the US dollar, including the potential creation of a new BRICS currency.

Speaking with the House Financial Services Committee in July, Treasury Secretary Janet Yellen said the U.S. economic sanctions have led to BRICS trying to kickstart alternate systems. This acknowledgement highlights growing concerns within the US government about the potential unintended consequences of its sanctions policy.

The BRICS Cross-Border Payment Initiative (BCBPI) aims to use national currencies, instead of the US dollar, for trade and investment within the bloc. Russia\'s finance ministry and central bank have released details indicating serious intent. The integration of payment systems within the BRICS bloc could provide a viable alternative to the US-controlled SWIFT system, reducing vulnerability to US sanctions. A BRICS currency “increases our payment options and reduces our vulnerabilities,” a representative said at the summit’s opening plenary session.

Now, amidst the plans made by the BRICS nations, Treasury Secretary Janet Yellen has spoken on sanctions ultimately hurting the dominance of the US dollar. The US Treasury Secretary Janet Yellen has once again admitted that sanctions affected the US dollar. She testified on Tuesday before the House Financial Services Committee.

Past administrations have also weighed in on the potential threat posed by BRICS currency initiatives. Claiming BRICS was “dead”, Trump threatened additional tariffs of 100 per cent on imports from BRICS nations for playing “games with the dollar”. U.S. President-elect Donald Trump has warned the BRICS countries that if they attempt to replace the “mighty U.S. dollar” they would face “100 percent tariffs."

Despite these efforts, the U.S. dollar remains the world\'s primary reserve currency, and neither the euro nor the so-called BRICS countries have been able to reduce global reliance on the dollar significantly... yet. However, the ongoing discussion and development of alternative financial systems by the BRICS nations represents a long-term challenge to the dollar\'s supremacy and warrants close observation.

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