President Donald Trump’s recent threat to impose a 10 percent tariff on any country aligning with BRICS policies highlights the deep anxiety within the US establishment over the declining role of the dollar in global trade.

Russian Foreign Minister Sergey Lavrov has expressed concern over the escalating US public debt crisis, asserting that the unchecked growth in debt, coupled with illegal sanctions, is eroding global confidence in the US dollar.

The world is finally fed up with the US abusing its dollar hegemony to shift domestic crises and harvest global wealth by damaging the economic and financial stability and well-being of other countries.  

The BRICS group of emerging economies is about to officially welcome nine new nations as partner countries on Wednesday after admitting four new members in 2024.

That includes, President Pezeshkian said, creating a BRICS currency basket or a new settlement mechanism independent of the dollar.

Iran is participating as a full member for the first time, which is important for outlining the country’s approach to global issues and promoting regional diplomacy at the current critical juncture.

By now, the whole world is aware of what BRICS is, unlike years ago, when the grouping was all but dismissed.