{"id":1803,"date":"2025-02-06T20:32:39","date_gmt":"2025-02-06T15:02:39","guid":{"rendered":"https:\/\/ainews.prativad.com\/index.php\/no-alternative-to-dollar-us-treasury-secretary\/"},"modified":"2025-02-06T20:32:39","modified_gmt":"2025-02-06T15:02:39","slug":"no-alternative-to-dollar-us-treasury-secretary","status":"publish","type":"post","link":"https:\/\/ainews.prativad.com\/index.php\/no-alternative-to-dollar-us-treasury-secretary\/","title":{"rendered":"No alternative to dollar \u2013 US treasury secretary"},"content":{"rendered":"
<\/div>

No other legal tender can challenge the greenback\u2019s reserve currency status, Scott Bessent has claimed<\/strong><\/p>\n\n

The BRICS nations will not be able to find a replacement for the US dollar even if they try, US Treasury Secretary Scott Bessent has claimed.<\/p>\n

The comment comes as members of the economic group, including Russia, China, and India increasingly shift to mutual trade settlements in their national currencies.<\/p>\n

The BRICS countries have ramped up efforts to reduce reliance on Western currencies in bilateral trade in recent years, especially after sanctions froze Russia’s euro and dollar reserves held in EU clearing houses, following the escalation of the Ukraine conflict in 2022.<\/p>\n

Speaking on Wednesday to Fox Business about US President Donald Trump\u2019s economic and fiscal goals, Bessent claimed that no other currency can replace the greenback.<\/p>\n

\u201cI\u2019ve been in the currency markets for 30-35 years and I can tell you, there is no alternative to the dollar. These [BRICS] other countries can talk about it, they may try to take away our reserve currency status but there is no other reserve currency on the horizon,\u201d<\/em> Bessent said.<\/p>\n

The BRICS group consists of founding members Brazil, Russia, India, China, and South Africa along with Egypt, Ethiopia, Iran, Indonesia and the United Arab Emirates. Additionally, Belarus, Bolivia, Kazakhstan, Thailand, Cuba, Uganda, Malaysia, and Uzbekistan are expected to gain official BRICS partner status this year. Over 30 nations have submitted applications to join the bloc.<\/p>\n

\n Read more<\/strong><\/span><\/p>\n

\n \"FILE
No plans for BRICS currency \u2013 Kremlin<\/a><\/figcaption><\/figure>\n<\/blockquote>\n

Bessent\u2019s remarks come after Trump warned BRICS member countries against replacing the \u201cmighty US dollar\u201d<\/em> as a reserve currency, repeating the threat of 100% tariffs he made weeks after winning November\u2019s presidential elections.<\/p>\n

\u201cThere is no chance that BRICS will replace the US dollar in international trade or anywhere else, and any country that tries should say hello to tariffs and goodbye to America!\u201d<\/em> Trump wrote on his Truth Social platform last week.<\/p>\n

Addressing the issue, Kremlin spokesman Dmitry Peskov has denied BRICS has plans to create a common currency, although he highlighted ongoing discussions about joint investment platforms to boost economic cooperation among member states.<\/p>\n

Speculation about a potential BRICS single currency has circulated in recent years. In 2023, Brazilian President Luiz Inacio Lula da Silva voiced support for the idea of a \u2018trading currency\u2019 within the economic grouping, drawing parallels to the euro. However, leaders of other BRICS nations, including Russia, India, China, and South Africa, have denied discussing such a move.<\/p>\n

BRICS leaders have consistently emphasized that they do not seek to undermine the dollar, and that the greenback is only weakened by its politicization.<\/p>","protected":false},"excerpt":{"rendered":"

No other legal tender could challenge the greenback\u2019s reserve currency status, Scott Bessent has claimed Read Full Article at RT.com<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news"],"yoast_head":"\nNo alternative to dollar \u2013 US treasury secretary - Leading the AI News Frontier<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ainews.prativad.com\/index.php\/no-alternative-to-dollar-us-treasury-secretary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No alternative to dollar \u2013 US treasury secretary - 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