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DONALD Trump, never one to mince words, has set his sights on the BRICS coalition -- an alliance of emerging economies spearheaded by China, Brazil, India and Russia. The US president-elect declared on Truth Social that BRICS nations would face 100 percent tariffs if they dared to pursue a unified currency or back alternatives to the US dollar. "The idea that BRICS countries are trying to move away from the dollar while we stand by and watch is over ," Trump proclaimed. He called for an unequivocal commitment to the dollar's supremacy, warning that defiance could mean a swift exit from the lucrative US market. BRICS, initially composed of Brazil, Russia, India, China and South Africa, expanded this year to include Iran, the UAE, Ethiopia and Egypt. With over 30 additional countries expressing interest, the bloc is drawing global attention. Brazil's President Luiz Inácio Lula da Silva even floated the idea of a South American common currency in 2023 to lessen dependence on the dollar. While the BRICS currency concept might sound bold, its reality is complicated. Economic disparities and political rivalries within the bloc make a unified currency unlikely anytime soon. Yet, the group's ability to use their currencies and banking systems to sidestep Western sanctions, especially for nations like Russia and Iran, poses a potential challenge to dollar hegemony. Trump's fiery rhetoric reflects Washington's unease as BRICS evolves. Whether this translates to tangible action or bluster remains to be seen, but the global stakes are undeniably high. Trump's ultimatum to the BRICS came just days after pledging steep tariff increases on imports from Mexico, Canada and China. Trump claims these dramatic measures, set to take effect on his first day in office, are a direct response to illegal immigration and the flow of "crime and drugs" across the border. Donald Trump has once again taken his signature approach to international relations: the art of the economic ultimatum. In his latest fiery declaration, Trump announced plans for sweeping tariff hikes on goods from Mexico, Canada, and China, vowing to implement these changes on his first day back in office. His reasoning? A self-proclaimed crusade against illegal immigration, crime, and the relentless flow of drugs across US borders. Never one to shy away from bold proclamations, Trump framed the tariffs as a direct retaliation against nations he claims have turned a blind eye to the chaos spilling into America. "We're not going to stand by while our borders are overrun and our economy undermined," Trump asserted, setting the stage for a policy that would undoubtedly rattle global supply chains and provoke economic tensions with key trading partners. Critics, of course, were quick to point out the potential fallout. Such tariff hikes could escalate prices for American consumers, disrupt trade agreements, and strain relations with allies who have long been essential to the US economy. Yet, in true Trump fashion, the former president seems unfazed, relying on his populist mantra that tough rhetoric and aggressive measures are what's needed to protect American sovereignty. Register to read this story and more for free . Signing up for an account helps us improve your browsing experience. OR See our subscription options.Dow paces gains on renewed rotation, bitcoin above $US99,000
Trump has flip-flopped on abortion policy. His appointees may offer clues to what happens next
The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week, climbing to its highest level since July. The rate rose to 6.84% from 6.78% last week, mortgage buyer Freddie Mac said Thursday. That’s still down from a year ago, when the rate averaged 7.29%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also ticked up this week. The average rate rose to 6.02% from 5.99% last week. A year ago, it averaged 6.67%, Freddie Mac said. When mortgage rates increase they can add hundreds of dollars a month in costs for borrowers, reducing homebuyers’ purchasing power at a time when home prices remain near all-time highs, even though U.S. home sales are on track for their worst year since 1995. The average rate on a 30-year mortgage fell to a two-year low of 6.08% in late September but it’s been mostly rising since then, echoing moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The yield, which has mostly hovered around 4.4% since last week and was below 3.70% in September, has been rising in recent weeks following mixed reports on inflation and the economy. It also surged after the presidential election, reflecting expectations among investors that President-elect Donald Trump’s proposed economic policies may widen the federal deficit and crank up inflation. Mortgage rates slid to just above 6% in September following the Federal Reserve’s decision to cut its main interest rate for the first time in more than four years. While the central bank doesn’t set mortgage rates, its actions and the trajectory of inflation influence the moves in the 10-year Treasury yield. The central bank’s policy pivot is expected to eventually clear a path for mortgage rates to generally go lower. But that could change if the next administration’s policies send inflation into overdrive again. September’s pullback in mortgage rates helped drive a pickup in sales of previously occupied U.S. homes last month. However, the recent climb in rates has put a damper on the housing market in the near term, said Hannah Jones, senior economic research analyst at Realtor.com . “Mortgage rates reached the high-6% range in late October, and have remained elevated since, much to the disappointment of buyers hoping to find some relief in the late-fall housing market,” she said. Forecasting the trajectory of mortgage rates is difficult, given that rates are influenced by many factors, from government spending and the economy, to geopolitical tensions and stock and bond market gyrations. Economists predict that mortgage rates will remain volatile this year, but generally forecast them to hover around 6% in 2025.Metaverse in Education Market Future Trends, Size, Share, Growth Factors, Industry Analysis, Advance Technology And Forecast - 2028
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