The situation in Gaza continues to deteriorate, with the United Nations reporting nearly 800 Palestinians killed while seeking aid in the last six weeks. Israeli forces have been accused of attacking Gaza food aid sites, resulting in significant loss of life. At least 10 Palestinians were killed on Friday while waiting for rations, adding to the growing toll. In response to repeated reports of fatalities, Israel’s army has issued new instructions to troops fueling speculations that Gaza Ceasefire may be far from sight.
In a related development, ceasefire talks between Israel and Hamas are stalling over the extent of Israeli forces’ withdrawal from the Gaza Strip. According to Palestinian and Israeli sources, Hamas has not accepted the withdrawal maps proposed by Israel, as they would leave approximately 40% of the territory under Israeli occupation. Matters regarding aid and guarantees are also presenting challenges.
Meanwhile, global economic tensions are escalating, particularly between the United States and the BRICS bloc. US President Donald Trump has threatened to impose a 10% tariff on BRICS countries, citing the group’s efforts to “degenerate” the US dollar and challenge its dominance in global finance. Trump stated, “Any country aligning themselves with the anti-American policies of BRICS will be charged an additional 10% tariff.”
The BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, has expanded to include Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates. These countries are exploring alternative currencies for trade, bypassing the US dollar’s traditional role as the world’s reserve currency. Brazilian President Luiz Inácio Lula da Silva responded to Trump’s threats, saying, “The world has changed. We don’t want an emperor. We are sovereign countries.”
The BRICS nations are promoting local currency trade, developing alternative payment systems, and pushing for reforms in international institutions like the United Nations, the International Monetary Fund, and the World Bank. This shift could potentially reduce the dollar dependence of a significant chunk of the global economy, which accounts for more than a third of global GDP based on purchasing power parity.
The fate of the Gaza ceasefire talks and the escalating trade tensions between the US and BRICS will likely have far-reaching implications for global stability and economic growth. As the situation continues to unfold, one thing is clear: the world is witnessing a significant shift in the global balance of power.