In what is a rather surprising development for the BRICS economic alliance, Saudi Arabia has officially halted its membership in the bloc amid the ongoing tariff threat from US President-elect Donald Trump. According to a new report, the country has “frozen its bid” to be an expanded member of the collective.
Saudi Arabia’s inclusion in the bloc’s expansion invitation in 2023 was a crucial moment for the group. It recognized its continued ascension to become a key player in global finance. However, Riyadh has set to fully join the group, and its most recent decision has placed immense doubt on whether or not that will ever come to fruition.
Source: LA Times
Also Read: BRICS Saudi Arabia: Official Announcement on Membership
Saudi Arabia Freezes BRICS Membership: Is Trump’s 100% Tariff Plan Working?
The BRICS bloc has dominated discussion throughout the geopolitical sector over the last year. The economic alliance has sought to completely shift the status quo of global economics. Specifically, it has targeted the increased reliance on the US dollar. Its methods have sought to promote local currency and challenge Western hegemony.
A massive part of that has been its ongoing efforts to expand. Two years ago, it invited six nations for the first time, with four accepting in and growing in size for the first time since 2001. However, one of the key nations to previously accept is looking like it has rescinded its decision. Indeed, the BRICS bloc has seen Saudi Arabia halt its membership amid the ongoing Trump tariff threat.
Source: Reuters
Also Read: BRICS Meeting With Saudi Arabia: Major Discussion Points Unveiled
Earlier this year, Donald Trump issued a stark warning to BRICS nations. Specifically, he threatened 100% tariffs on the collective if they continued its de-dollarization methods. The stance has seen countries like India reiterate they have no intention to ditch the greenback. Now, Saudi Arabia has followed suit.
Amid the threat, Russia’s foreign policy advisor, Yuri Ushakov, noted that the country is no longer seeking to join the BRICS bloc. The path toward membership has always been a confusing one for the Middle Eastern nation. Now, Trump’s plan places yet another roadblock in that endeavor.
It is looking like the country will never truly become a part of the growing collective. Moreover, that could be viewed as a win for the Trump administration’s efforts to secure the status of the US dollar. Still, BRICS welcomed an additional 13 partner nations in 2024, so there is no shortage of interest globally.
