BRICS provides new options for global financial order

With Donald Trump returning to the White House, the geopolitical and economic landscape is set to undergo a significant shift, particularly in terms of the US dollar's dominance in global trade. The expansion of BRICS — now known as BRICS plus with the inclusion of countries such as Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates — has raised concerns in Washington, because the grouping seeks to reduce its member states' reliance on the dollar by using local currency in intra-BRICS trade and possibly creating an alternative global currency.

The new US administration's threat to impose 100 percent tariffs on imports from BRICS member states if they pursue de-dollarization is indicative of the looming ideological battle in global finance.

China, the economic powerhouse within BRICS, has long pushed for free and convenient global trade.