China criticizes Trump’s warning to BRICS nations on dollar dominance
China has criticized the U.S. for using the dollar's dominance as a geopolitical tool. This response follows President-elect Donald Trump's warning to BRICS nations against moving away from the dollar, threatening 100 percent tariffs on those pursuing alternative currencies. BRICS, which includes Brazil, Russia, India, China, South Africa, and new members like Ethiopia and Iran, represents over 40 percent of the global population and 31.5 percent of the world's GDP. The group aims to promote economic cooperation and reduce reliance on the dollar. Despite China's push for the yuan, it still holds a small share of global reserves. Analysts doubt BRICS can significantly challenge the dollar's dominance, which accounts for 58 percent of global foreign exchange reserves.