President-elect Trump’s latest tariff threat, this time against the “BRICS” economies, is another early taste of his combative approach to trade policy and its potential impact on financial markets. The chance of a BRICS currency (or another alternative) replacing the US dollar’s dominant international role any time soon is remote, with or without any additional US tariffs. More immediately, Trump’s trade policies, and unpredictable approach to international politics generally, will probably help keep the US dollar on the front foot.
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