The US dollar is now attracting more foes than ever, as countries and growing economies continue to abandon the US dollar in a rising new trend. This trend has primarily been fueled by President Donald Trump’s aggressive tariff policies, which have led the world collectively to ditch the US dollar to some extent. This fact has now been confirmed by Egyptian PM Mostafa Madbouly, who shared how local currency trade is now gaining worldwide momentum.
Also Read: Russia Says Joe Biden is Responsible For the US Dollar’s Decline
More Nations Are Dumping the US Dollar, Want to Conduct Trade in Local Currency
The prime minister of Egypt, Mostafa Madbouly, has confirmed a striking speculation. The fact that the global nations are spearheading ways to expand local currency usage in bilateral trade is now gaining immense traction within the countries. Madbouly responded to a question asked by a TV BRICS journalist, claiming that several BRICS nations have already started to deploy local currency usage measures to reduce their reliance on foreign countries.
“In response to a question from Sada El-Bala. A partner of TV BRICS, on the sidelines of a recent press engagement. Prime Minister Madbouly stated that several BRICS countries have already begun implementing this mechanism in a bilateral format. He emphasized that this approach is especially effective when trade balances between countries are relatively even, fostering greater monetary stability.” As stated by the platform
Madbouly stated that the use of local currency in bilateral trade may help in maintaining balance. He later shared how the said move also visibly strengthens and eases foreign exchange demand. Moreover, the Egyptian PM later shared that the local currency trade narrative has been deployed for bilateral use for now. However, BRICS nations may continue to expand this narrative for multilateral usage soon within the major BRICS nations circuit.
The US’s Abuse Of Sanctions Led The Dollar To Fall Flat On The Floor
The US dollar’s constant weaponization, coupled with the US’s ability to sanction nations, has led the USD to plunge dramatically. Per Global Times, the US has emerged as the top nation that has abused its power to sanction other nations, leading its economy to suffer major losses in its wake.
“Washington’s fixation with sanctions has little to do with their efficacy and everything to do with relative global American decline. No longer an unchallenged superpower, the US can’t throw its weight around as it used to.” As stated by Istvan Dobozi, a former lead economist at the World Bank.
Why is the world walking away from the dollar?
— Jason Smith – 上官杰文 (@ShangguanJiewen) July 12, 2025
The US use of the dollar as a tool of punishment has become so widespread, that the risk outweighs the reward of using dollars.
Dumb US policies are the cause of dedollarization. Our own politicians did this. pic.twitter.com/UHsqFV9yUb
Also Read: ASEAN Nations Avoiding the US Dollar, Says Malaysia’s PM
