India-Russia-China Alliance: The Final Nail In The USD Coffin
President Trump’s tariffs seem to be backfiring on the US as trade partners realign their strategies. The Shanghai Cooperation Organisation (SCO) Summit in Tianjin, China, saw Prime Minister Modi, President Xi, and President Putin showcasing a potent gesture of unity. The resurgence of the Russia-India-China (RIC) talks could be a major blow to the US dollar’s dominance in global trade. Will The India-Russia-China Alliance Become The New Global Power? Source: Getty Images China and Russia have both actively backed reviving the RIC initiative. India has also been open-minded about the RIC, calling it a “ consultative format .” India, Russia, and China are also core members of the BRICS bloc of nations. The BRICS countries have openly expressed the desire to bring forth the BRICS Pay initiative to facilitate trade in local currencies. The move will significantly reduce the need for US dollars. While India has stated that it has no intention of replacing the US dollar, the rec...