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 <p>The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> summit ended on a high note in August after the bloc inducted six new countries into the group. Leading oil-producing nations Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia will join the alliance in January 2024. Also, Argentina is the only new <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member that does not produce and export oil. The one common thing between the 11-member <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> group is their disdain for the U.S. dollar. Moreover, <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> is looking to end dependency on the U.S. dollar by promoting their local currencies for cross-border transactions.</p>
 <p><strong>Also Read: South African President Makes Huge Announcement on <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Expansion</strong></p>
 <p>In this article, we will highlight the 10 American sectors that could be severely affected if <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> stops using the U.S. dollar for trade. The American economy could be significantly impacted if other local currencies grow stronger in the international markets.</p>
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 <h2 class="wp-block-heading" id="h-brics-10-u-s-sectors-to-be-impacted-if-dollar-is-ditched-as-payment">BRICS: 10 U.S. Sectors To Be Impacted If Dollar is Ditched As Payment</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="802" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="us dollar usd chinese yuan currency" class="wp-image-92757 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp.webp 300w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp.webp 768w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp.webp 380w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp.webp 550w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp.webp 800w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp.webp 1040w" data-srcset-img="https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp 1024w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp 300w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp 768w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp 380w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp 550w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp 800w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp 1040w" data-eio="j">
  <noscript><img decoding="async" width="1024" height="802" src="https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp" alt="us dollar usd chinese yuan currency" class="wp-image-92757" srcset="https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp 1024w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp 300w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp 768w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp 380w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp 550w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp 800w, https://cdn.thebittimes.com/images/2023/10/04/9d138b8692d225ab97aafd6984f175e0.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>A total of 10 financial sectors in the U.S. will be affected if <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> uses local currencies and not the U.S. dollar. The sectors include banking, trade, forex, and tourism, among others. The U.S. financial sectors that could be affected if <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> ditch the U.S. dollar are:</p>
 <p><strong>Also Read: BRICS: Former Treasury Secretary Predicts Future of the US Dollar</strong></p>
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 <ol>
  <li>Global Financial System</li>
  <li>Banking and Finance</li>
  <li>Energy and Commodity Markets</li>
  <li>International Trade and Investment</li>
  <li>Capital Markets</li>
  <li>Consumer Goods and Retail</li>
  <li>Production and Consumption</li>
  <li>Technology and Fintech</li>
  <li>Government and Policy</li>
  <li>Travel and Tourism</li>
 </ol>
 <p><strong>Also Read: The U.S. Dollar Overtakes All <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Currencies &amp; Gold</strong></p>
 <p>Moreover, all the 10 sectors are closely linked to the U.S. economy and could have complications if the dollar loses demand. The banking sector could take the first hit that might eventually spill over to the markets.</p>
 <p>Once the financial markets are hit, the domino effect could roll over to all sectors leading to a financial catastrophe. In conclusion, if the U.S. fails to fund its deficit, prices of all commodities could skyrocket or even reach hyperinflation.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>US DOLLAR</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/10-u-s-sectors-to-be-affected-if-brics-stops-using-the-dollar-tbt65102.html">https://thebittimes.com/10-u-s-sectors-to-be-affected-if-brics-stops-using-the-dollar-tbt65102.html</a></p>

10 U.S. Sectors To Be Affected If BRICS Stops Using the Dollar

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