US treasury secretary asserts: "No alternative to dollar"
Scott Bessent has asserted that no other legal tender can rival the greenback's status as a reserve currency. Read Full Article at RT.com.
TroibNews 
Scott Bessent has asserted that no other legal tender poses a threat to the greenback’s status as the world’s reserve currency.
According to Bessent, the BRICS nations will struggle to find a substitute for the US dollar, despite their ongoing efforts. This statement comes as countries within the economic alliance—such as Russia, China, and India—are increasingly opting for mutual trade settlements using their own currencies.
In recent years, the BRICS nations have intensified initiatives to minimize dependence on Western currencies for bilateral trade, particularly following sanctions that froze Russia's euro and dollar reserves in EU clearing houses amid the escalation of the Ukraine conflict in 2022.
During an interview with Fox Business on Wednesday, Bessent discussed US President Donald Trump’s economic ambitions, emphasizing that no currency can rival the greenback. “I’ve 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,” he stated.
The BRICS coalition includes founding members Brazil, Russia, India, China, and South Africa, as well as 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, with over 30 nations having applied to join the group.
Bessent’s comments follow warnings from Trump directed at BRICS countries regarding efforts to replace the “mighty US dollar” in international trade. He reiterated his threats of imposing 100% tariffs against nations attempting such a move shortly after securing his presidential victory last November. “There 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!” Trump remarked on his Truth Social platform last week.
In response to these discussions, Kremlin spokesman Dmitry Peskov has dismissed the notion that BRICS is considering a common currency, although he acknowledged ongoing talks about collaborative investment platforms to enhance economic cooperation among member states.
Speculation regarding a potential single currency for BRICS has persisted in recent years. In 2023, Brazilian President Luiz Inacio Lula da Silva expressed support for a ‘trading currency’ within the bloc, drawing comparisons to the euro. However, leaders from other BRICS nations, including Russia, India, China, and South Africa, have denied the existence of discussions around such a concept.
BRICS leaders have repeatedly asserted that their objective is not to undermine the dollar and have indicated that its perceived weakening is a result of politicization.
Navid Kalantari for TROIB News
According to Bessent, the BRICS nations will struggle to find a substitute for the US dollar, despite their ongoing efforts. This statement comes as countries within the economic alliance—such as Russia, China, and India—are increasingly opting for mutual trade settlements using their own currencies.
In recent years, the BRICS nations have intensified initiatives to minimize dependence on Western currencies for bilateral trade, particularly following sanctions that froze Russia's euro and dollar reserves in EU clearing houses amid the escalation of the Ukraine conflict in 2022.
During an interview with Fox Business on Wednesday, Bessent discussed US President Donald Trump’s economic ambitions, emphasizing that no currency can rival the greenback. “I’ve 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,” he stated.
The BRICS coalition includes founding members Brazil, Russia, India, China, and South Africa, as well as 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, with over 30 nations having applied to join the group.
Bessent’s comments follow warnings from Trump directed at BRICS countries regarding efforts to replace the “mighty US dollar” in international trade. He reiterated his threats of imposing 100% tariffs against nations attempting such a move shortly after securing his presidential victory last November. “There 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!” Trump remarked on his Truth Social platform last week.
In response to these discussions, Kremlin spokesman Dmitry Peskov has dismissed the notion that BRICS is considering a common currency, although he acknowledged ongoing talks about collaborative investment platforms to enhance economic cooperation among member states.
Speculation regarding a potential single currency for BRICS has persisted in recent years. In 2023, Brazilian President Luiz Inacio Lula da Silva expressed support for a ‘trading currency’ within the bloc, drawing comparisons to the euro. However, leaders from other BRICS nations, including Russia, India, China, and South Africa, have denied the existence of discussions around such a concept.
BRICS leaders have repeatedly asserted that their objective is not to undermine the dollar and have indicated that its perceived weakening is a result of politicization.
Navid Kalantari for TROIB News
