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In a recent statement, Russian Foreign Minister Sergey Lavrov supported former U.S. President Donald Trump’s remarks on the detrimental impacts of U.S. sanctions on the dollar and the American economy. Lavrov agreed with Trump that the Biden administration’s sanctions have weakened the dollar’s status as a global reserve currency and adversely affected the U.S. economy. Trump has repeatedly warned that the current U.S. policies are damaging the dollar’s global standing and contributing to economic instability and inflation. Discover how recent U.S. sanctions and the global movement towards dedollarization are challenging the dominance of the dollar and reshaping the international financial landscape. Lavrov and Trump on the Impact of U.S. Sanctions During a recent address, Russian Foreign Minister Sergey Lavrov echoed sentiments expressed by former U.S. President Donald Trump regarding the negative effects of American sanctions. Lavrov noted that these sanctions, as implemented by the Biden administration, have eroded the dollar’s role as the world’s reserve currency and harmed the U.S. economic position. Lavrov remarked, “Donald Trump directly said that the sanctions imposed by the administration of Joe Biden, using the capabilities of the dollar as a global reserve currency, are destructive for the American economy. I agree with him,” as reported by Tass. He further highlighted that many nations are now wary of engaging in dollar-dependent economic activities due to these risks. The Push for Dedollarization Lavrov’s comments come amidst a broader, global reconsideration of the dollar’s dominance. Trump has previously expressed concerns that the Biden administration’s policies are inducing inflation and economic instability, thus weakening the U.S. economic power. This sentiment aligns with a growing movement among various countries to lessen the reliance on the U.S. dollar, particularly within the BRICS economic bloc. Countries such as China and Russia have been at the forefront of promoting trade in local…

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Filed under: News - @ September 23, 2024 4:16 am