The start to 2025 has been an increasingly volatile one for United States financial markets. That may only get worse as efforts to displace its currency as a global reserve asset have magnified throughout the last five months. Indeed, two BRICS nations have joined the group, as they have committed to dropping the US dollar in trade amid renewed de-dollarization efforts.

US President Donald Trump has long been displeased with the alliance for this very reason. At the start of his second term, he threatened the bloc with 150% tariffs should they continue to ditch the greenback. To this point, those efforts have continued with import tax increases abounding under the new administration.

BRICS Plus Countries flags
Source: Rafael Neddermeyer

Also Read: What Happens If BRICS Currency Succeeds?

BRICS Countries Ditch US Dollar in Trade, Join Growing De-Dollarization List

Since the US presidential transition, it has been a bad few months for the US dollar. The currency has struggled, getting off to its worst start to a year ever. Moreover, experts have expressed concerns that the losses could be the beginning for the greenback.

The worries that its value can drop even more have only been reaffirmed by global efforts to move away from it. The BRICS bloc has continued to embrace those, with two of its nations committing to ditching the US dollar in trade amid the bloc’s growing de-dollarization efforts.

Iranian President Ebrahim Raisi in official portrait with Iranian flag
Source: RNZ

Also Read: BRICS, Euro, & Bitcoin: Why US Dollar Opposition Has Never Been Greater

According to a recent report, both Iran and Venezuela have committed to strengthening strategic ties. Moreover, a key part of that has been their move to settle trade deals with the BRICS Pay platform. The move should have major ramifications on the continued shift for the bloc as a whole.

The decision will see the bloc shift to settling bilateral trade agreements in non-dollar and national currencies. Indeed, it reiterates that the US dollar has never sported so much opposition. With Bitcoin thriving in the global markets, it could also emerge as an alternative to the struggling Western asset.

  • BRICS
  • US DOLLAR