China and Brazil deal a blow to US dollar-powered bullying
Ditching the American currency in trade will diminish Washington’s ability to impose its will
By Timur Fomenko, a political analyst
© wenjin chen / Getty Images
China and Brazil have secured a deal to conduct bilateral trade in their own respective currencies, eliminating the US dollar as an intermediary.
The agreement between the two BRICS countries, which have $150 billion in annual trade, would probably have been signed in Beijing this week had Brazilian President Luiz Inacio Lula da Silva’s scheduled visit not been postponed due to illness. At around the same time, China also conducted its first-ever trade of liquified natural gas settled entirely in yuan with France’s TotalEnergies.
The decision by Brazil and China to pursu...