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A group of anonymous federal judges is criticizing the Supreme Court for overturning lower court rulings and siding with President Donald Trump’s administration with little to no explanation, NBC News reported Thursday.

NBC spoke with 12 federal judges, appointed by Democratic and Republican presidents including Trump, who pointed to a trend of lower court decisions being overturned by emergency rulings from the high court. These cases often see prominent members of Trump’s administration lashing out at lower court judges before their cases are overturned.

Ten of the 12 judges argued the Supreme Court should offer more explanation when overturning such decisions, saying emergency rulings in such cases imply poor work on the part of lower court judges.

‘It is inexcusable,’ one judge said of the Supreme Court. ‘They don’t have our backs.’

That judge also said they have received death threats for issuing rulings that counter Trump’s agenda. Trump himself and some of his top officials have spoken out against judges issuing unfavorable rulings.

When Judge James Boasberg sought to block the administration’s deportation flights to El Salvador, Trump argued he should be ‘IMPEACHED’ on social media.

When various judges issued rulings blocking Trump’s tariff agenda in March, White House deputy chief of staff Stephen Miller argued it was a ‘judicial coup.’

The judge who described the Supreme Court’s actions as inexcusable predicted that ‘somebody is going to die’ if criticism from top Trump officials continues, according to NBC.

Another judge said lower courts are being ‘thrown under the bus.’

‘It’s almost like the Supreme Court is saying it is a ‘judicial coup,’’ a third judge told the outlet.

A fourth judge, however, appointed by President Barack Obama, conceded that several judges had been out of line with their rulings against Trump.

‘The whole ‘Trump derangement syndrome’ is a real issue. As a result, judges are mad at what Trump is doing or the manner he is going about things; they are sometimes forgetting to stay in their lane,’ that judge said.

‘Certainly, there is a strong sense in the judiciary among the judges ruling on these cases that the court is leaving them out to dry,’ the judge continued. ‘They are partially right to feel the way they feel.’

The Supreme Court’s public information office did not immediately respond to a request for comment from Fox News Digital.

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Senate Republicans are grappling with President Donald Trump’s move to cancel $4.9 billion in foreign aid funding and what the ramifications could be on the looming deadline to fund the government.

Senate Democrats previously warned after the GOP’s first go-round with clawbacks that any further attempt to gut congressionally-approved funding would be a red line, and that it could lead to Democratic lawmakers withholding their support for a short-term government funding extension, known as a continuing resolution (CR).

The Trump administration’s decision last week to go forward with a pocket rescission, which skirts the 45-day window needed for a typical clawback package, rattled Senate Democrats and has alarmed some Republicans about finding a path forward to keep the government open.

‘The last thing in the world we need to do is to give our Democrat colleagues any reason not to try to move forward with the appropriations process,’ Sen. Mike Rounds, R-S.D., said.

‘That does concern me, and once again, we need to get the appropriations process back on track,’ he continued. ‘We’re going to do whatever we can to get this thing through this year. We’re committed to it. It’s better if Congress takes back its authority on this. Quit doing continuing resolutions, do the appropriations process.’

Sen. Ron Johnson, R-Wis., on the other hand, was all for the move and wasn’t worried about the impact it could have on a shutdown.

‘I’m concerned about more spending from those negotiations,’ he told Fox News Digital. ‘Again, you’re not going to get me concerned about anything that cuts spending or reduces the size and scope across government. I’m all for it, no matter how we do it.’

Still, Senate Majority Leader John Thune, R-S.D., will likely need Democratic support to advance any spending bills, let alone a CR by Sept. 30, through the upper chamber’s filibuster threshold, given that a handful of Republicans never vote for funding extensions.

Rounds and other members of the Senate Appropriations Committee are in favor of barreling forward with passing spending bills and have so far been successful in advancing three with bipartisan support.

Senate Minority Leader Chuck Schumer, who in July warned that Trump’s first $9 billion clawback package would have ‘grave implications’ on the appropriations process, has maintained that congressional Democrats were united in their desire to continue working on spending bills with Republicans.

He warned that Republicans would ‘face their greatest test under the Trump administration,’ to either work across the aisle or face a shutdown.

‘However, as near the funding deadline, Republicans are once again threatening to go at it alone, heading our country towards a shutdown,’ Schumer said.

Thune has also remained committed to seeing lawmakers pass the dozen bills needed to fund the government, but acknowledged ‘inevitably, it looks like [we] need a CR for some time for the foreseeable future.’

And he warned that Democrats may try to use the latest clawback package ‘as an excuse’ to not fund the government.

‘That’s all it’ll be is an excuse, because they know that I’m committed, Sen. [Susan] Collins is committed, our conference is committed to working constructively to try and fund the government through the normal appropriations process,’ he said.

Meanwhile, some Republicans questioned if turning toward clawbacks was the best way to tackle spending cuts and argued that such measures were already baked into the annual appropriations process.

When news of the package surfaced, Senate Appropriations Chair Susan Collins, R-Maine, charged that efforts to claw back ‘appropriated funds without congressional approval is a clear violation of the law.’

Sen. Kevin Cramer, R-N.D., told Fox News Digital he wasn’t worried about the legality of the move so much as whether turning to the clawbacks was ‘the most efficient way to get at spending cuts.’

‘I think the appropriations process is a better way, and we’ve had some success, and I’d like to keep that momentum going and try to, you know, avoid a shutdown and get back to regular order,’ he said.

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Ashley Biden, daughter of former President Joe Biden and former first lady Jill Biden, wrote on social media that it was ‘one of the hardest summers of my life.’

The post comes after a summer during which the former first daughter faced two main challenges: her divorce and her father’s cancer diagnosis.

‘August 2025. The summer of 2025 was one of the hardest summers of my life. I have been preparing for the fall (my fav season) and now ready for the RISE,’ she wrote as the caption of a carousel of summer photos. ‘Grateful for the support of friends and family. Grateful that I took the time/space to grieve, process and heal. Grateful for peace of mind, new beginnings, new seasons, and a rediscovered strength and love for myself.’ 

She ended the caption with ‘#SturgeonMoon2025’ – a reference to the August full moon – followed by a string of emojis.

Last month, Ashley Biden shared a photo of her with her ex-husband and another woman, who the former first daughter identified as the doctor’s ‘girlfriend.’

She captioned the Instagram story, ‘my husband and his girlfriend holding hands,’ and posted it with the Notorious B.I.G. song ‘Another,’ featuring Lil’ Kim, the New York Post reported. 

The outlet also noted that the Instagram story was posted just hours before Ashley Biden filed for divorce from her husband of 13 years. 

The story appeared on Aug. 10 and was deleted shortly after it was posted. While it appeared to be aimed at her husband, the people in the image faced away from the camera and were not immediately identifiable.

The Post also reported in August that in a separate Instagram story, which was also deleted, Ashley Biden posted herself walking through a park giving a thumbs-up while ‘Freedom’ by Beyoncé played.

Ashley Biden’s divorce filing states the marriage is ‘irretrievably broken’ and requests spousal support while the divorce is pending, according to filings reviewed by Radar Online.

She married Dr. Howard Krein in 2012 with a ceremony blending her Catholic faith with his Jewish heritage, followed by a reception at the Biden family’s lake house in Wilmington. 

At the time, then–Vice President Joe Biden praised his future son-in-law, telling People magazine: ‘This is the right guy. And he’s getting a helluva woman.’

At the 2024 Democratic National Convention, Ashley Biden recalled her father’s role in her wedding to Krein, saying, ‘At the time, my dad was vice president, but he was also that dad who literally set up the entire reception. He was riding around in his John Deere 4-wheeler, fixing the place settings, arranging the plants, and by the way, he was very emotional.’

In May, Biden’s office confirmed he had been diagnosed with an ‘aggressive form’ of prostate cancer.

‘While this represents a more aggressive form of the disease, the cancer appears to be hormone-sensitive which allows for effective management. The [former p]resident and his family are reviewing treatment options with his physicians,’ Biden’s team shared in a statement.

Ashley Biden made a similar Instagram reflection post at the end of May, writing: ‘May 2025. Heartbroken yet HOPEFUL. MAY I have the courage to handle all that life throws at me (us). So very grateful for all the love + support.’

‘Life is tough my darling, but so are YOU,’ she added at the time.

On the same day, she also posted a picture of herself with her parents and seemingly pushed back against rumors that her family had covered up her father’s cancer diagnosis while he was in the White House.

Fox News Digital’s Jasmine Baehr contributed to this report.

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President Donald Trump’s America First trade agenda is working, and China is feeling the heat.  

While the legacy media has spent months lying about slow growth, Trump’s tariff agenda is already reshaping how the U.S. competes with China — and America’s industrial and agricultural sectors are benefiting as a result. New tariff protections are prompting the reshoring of critical production and strengthening the U.S. economy. 

The president has so far sent a clear message: the days of America propping up Beijing’s rise are over. Thanks to Trump’s leadership, we’re finally winning again. U.S. manufacturing is rebounding, investment is flowing into strategic industries and American farmers are getting the protection they need from unfair Chinese competition and emerging bio-threats.  

For years, the Chinese Communist Party (CCP) has targeted the foundations of our economy, hollowed out our manufacturing sector, cheated our farmers and manipulated global markets with impunity.  

Under the Biden administration, Washington operated on the belief that economic engagement with China would bring reform and stability. That bet never paid off. Instead, we’ve seen mass intellectual property theft, industrial manipulation, and an alarming pattern of biosecurity breaches that could seriously harm American agriculture and our food supply. 

U.S. federal prosecutors recently revealed that a fungus called ‘Fusarium graminearum’ was illegally trafficked into the country by individuals connected to CCP-aligned research institutions. This fungus is a well-known biological agent that renders crops inedible, threatens livestock and causes reproductive damage to humans and livestock. This wasn’t a minor violation or mistake; it was a coordinated effort to smuggle a dangerous agricultural pathogen onto U.S. soil to wreak havoc on our food supply chain and public health. 

Those involved included two Chinese nationals who were tied to American research institutions. The potential consequences of their actions were anything but small — as American farms and food systems could have suffered widespread contamination, economic loss, and long-term damage. 

Unfortunately, this isn’t an isolated episode. Just last year, five Chinese nationals were caught surveilling a U.S. military site in Michigan. Additionally, the Federal Bureau of Investigation (FBI) reported that in recent years, numerous Chinese college-age individuals have been caught taking photos of vital defense sites in the U.S. Taken together, these incidents point to something bigger than isolated wrongdoing. They suggest an ongoing strategy aimed, originating in Beijing, at weakening key sectors of the American economy from the inside out. 

This is why America must protect our supply chain and produce our most crucial farm inputs here at home. In a recent poll by the Protecting America Initiative, 71% of Americans said they would like to see our farm inputs, like pesticides, produced domestically instead of relying on imports from China. 

So, what are we doing to combat this growing and very serious threat? 

Thankfully, we have a leader who is taking this challenge seriously. Trump’s policies have reshaped how the United States deals with China and the results are starting to show.  

With Trump’s America First tariff agenda, the world is seeing that the U.S. is no longer afraid to defend its own interests.  

When Europe was flooding our markets and ripping off the U.S. with unfair trade deals, Trump didn’t hesitate; he hit back with tariffs. For the first time in years, the EU stopped treating American markets like a dumping ground. They came to the table, and American industries got breathing room. 

Now, Trump is using that same proven strategy to take on the CCP. He is restoring balance to a relationship that for too long has tilted in China’s favor. 

China, like the European Union before it, is learning that the days of taking advantage of the American economy are coming to an end. When these deals are finalized, both Beijing and Brussels will be operating on terms that respect U.S. workers, innovation and strength. 

Just last year, five Chinese nationals were caught surveilling a U.S. military site in Michigan. 

Trump’s bold tariff agenda isn’t only a winning economic policy; it’s a national security imperative. It protects our farmers, revitalizes our factories and sends a message to the world that America will never be bullied or bought.  

The path to a stronger America runs through tough trade enforcement, and President Trump is the one who is leading us there. 

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The Trump administration asked the Supreme Court Wednesday to quickly make a decision on whether President Donald Trump has the authority to impose his sweeping tariffs under federal emergency law.

This appeal is a result of a federal appeals court ruling 7-4 that a vast majority of Trump’s tariffs were illegal according to the 1977 International Emergency Economic Powers Act even though it allowed the duties to remain until the case was resolved.

Many states and small businesses challenged Trump’s tariffs in a lawsuit saying they were causing serious economic harm.

‘These unlawful tariffs are inflicting serious harm on small businesses and jeopardizing their survival,’ said Jeffrey Schwab, an attorney with the Liberty Justice Center.

The Trump administration, however, countered the appeal, arguing that striking down the tariffs could cause serious economic harm.

‘That decision casts a pall of uncertainty upon ongoing foreign negotiations that the President has been pursuing through tariffs over the past five months, jeopardizing both already negotiated framework deals and ongoing negotiations,’ the Trump administration argued in its appeal. ‘The stakes in this case could not be higher.’

Officials also pointed out that the levies have raised $159 billion since late August, a figure that has more than doubled from the previous year.

Although the Constitution does give Congress the power to set tariffs throughout the years many lawmakers have delegated those authorities to the White House. Although Trump has been seen to use this to his advantage, some of his duties on steel, aluminum, autos, and earlier tariffs on China were left in place by former President Joe Biden and are not part of this case.

Legal experts have noted that the government has also warned that if the courts strike down these tariffs, the U.S. Treasury could be forced to refund billions that have already been collected.

The Supreme Court is expected to decide soon on whether they will take up the case directly, which will potentially set up a major ruling on the limits of presidential power over trade.

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The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, have had many discussions about establishing a new reserve currency backed by a basket of their respective currencies.

The creation of a potentially gold-backed currency, known as the ‘Unit,’ as a US dollar alternative is also under consideration by BRICS members. However, whether or not these countries can fully separate themselves from the ruling global currency is up for debate even amongst themselves.

At the 2024 BRICS Summit, the movement away from US dollar supremacy really came to a head when Russian President Vladimir Putin appeared on stage holding what appeared as a prototype of a possible BRICS banknote.

However, he soon backed away from his previous aggressive calls for de-dollarization, stating the goal of the BRICS member nations is not to move away from the US dollar-dominated SWIFT platform, but rather to deter the ‘weaponization’ of the US dollar by developing alternative systems for using local currencies in financial transactions between BRICS countries and with trading partners.

‘We are not refusing, not fighting the dollar, but if they don’t let us work with it, what can we do? We then have to look for other alternatives, which is happening,’ Putin told listeners.

A potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 89 percent of all currency trading. Traditionally, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023, one-fifth of oil trades were reportedly made using non-US dollar currencies.

Central to this situation is the US trade war with China, as well as US sanctions on China and Russia. Should the BRICS establish a new reserve currency, it would likely significantly impact the US dollar, potentially leading to a decline in demand, or what’s known as de-dollarization. In turn, this would have implications for the US and global economies.

If BRICS watchers were hoping for more fireworks at the 2025 BRICS meeting held in Brazil this July, they were sorely disappointed. Putin and Chinese President Xi Jinping were not in attendance, and talk of a BRICS currency was much more muted. On top of this, according to Modern Diplomacy, that topic may be even less of a concern at next year’s BRICS meeting; it will be held in India, which has sought to distance itself from a move away from the US dollar.

It’s still too hard to predict if and when a BRICS currency will be released, but it’s a good time to look at the potential for a BRICS currency and its possible implications for investors.

In this article

    Why do the BRICS nations want to create a new currency?

    The BRICS nations have a slew of reasons for wanting to set up a new currency, including recent global financial challenges and aggressive US foreign policies. They want to better serve their own economic interests while reducing global dependence on the US dollar and the euro.

    In recent years, the US has placed numerous sanctions on Russia and Iran. The two countries are working together to bring about a BRICS currency that would negate the economic impacts of such restrictions, as per Iranian Ambassador to Russia Kazem Jalal, speaking at a press conference during the Russia-Islamic World: KazanForum in May 2024.

    Some experts believe that a BRICS currency is a flawed idea, as it would unite countries with very different economies. There are also concerns that non-Chinese members might increase their dependence on China’s yuan instead. That said, when Russia demanded in October 2023 that India pay for oil in yuan as Russia is struggling to use its excess supply of rupees, India refused to use anything other than the US dollar or rupees to pay.

    When will a BRICS currency be released?

    There’s no definitive launch date as of yet, but the countries’ leaders have discussed the possibility at length.

    During the 14th BRICS Summit, held in mid-2022, Russian President Vladimir Putin said the BRICS countries plan to issue a ‘new global reserve currency,’ and are ready to work openly with all fair trade partners.

    In April 2023, Brazilian President Luiz Inacio Lula da Silva showed support for a BRICS currency, commenting, “Why can’t an institution like the BRICS bank have a currency to finance trade relations between Brazil and China, between Brazil and all the other BRICS countries? Who decided that the dollar was the (trade) currency after the end of gold parity?”

    In the lead up to the 2023 BRICS Summit, there was speculation that an announcement of such a currency could be on the table. This proved to be wishful thinking, however. ‘The development of anything alternative is more a medium to long term ambition. There is no suggestion right now to creates a BRICS currency,’ Leslie Maasdorp, CFO of the New Development Bank, told Bloomberg at the time. The bank represents the BRICS bloc.

    Government officials in Brazil, which took the rotating presidency of the BRICS group for 2025, have said there are no plans to take any significant steps toward a BRICS currency.

    However, measures to reduce the reliance on the US dollar are very much on the table with cross-border payment systems, including exploring blockchain technology, a major theme at the 2025 BRICS summit, reported Reuters.

    As mentioned, in 2026, the BRICS Summit will be held in India, which earlier this year distanced itself from the idea of a move away from the US dollar. Speaking at an event in London in March 2025, India’s External Affairs Minister S. Jaishankar stated, ‘I don’t think there’s any policy on our part to replace the dollar. The dollar as the reserve currency is the source of global economic stability, and right now what we want in the world is more economic stability, not less. I don’t think there’s a unified BRICS position on this. I think BRICS members, and now that we have more members, have very diverse positions on this matter.’

    Which nations are members of BRICS?

    As of 2025, there are 10 BRICS member nations: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates (UAE). This expanded group of 10 full member countries is sometimes referred to as BRICS+.

    The group was originally composed of the four nations of Brazil, Russia, India and China and called BRIC, which changed to BRICS when South Africa joined in 2010.

    At the 2023 BRICS Summit, six countries were invited to become BRICS members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE. All countries but Argentina and Saudi Arabia officially joined the alliance in January 2024, and in 2025, Indonesia became the 10th full member of BRICS.

    Additionally, at the 2024 BRICS Summit, 13 nations signed on as BRICS partner countries, although they are not yet full-fledged members: Algeria, Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Vietnam and Uzbekistan.

    Saudi Arabia has seemingly been on the fence about joining the BRICS. The Crown Prince Mohammed bin Salman’s November 19, 2025, announcement of a US$1 trillion investment in the US economy during a visit to the White House may signal something about the Middle Eastern country’s allegiance.

    What would the advantages of a BRICS currency be?

    A new currency could have several benefits for the BRICS countries, including more efficient cross-border transactions and increased financial inclusion. By leveraging blockchain technology, digital currencies and smart contracts, the currency could revolutionize the global financial system. Thanks to seamless cross-border payments, it could also promote trade and economic integration among the BRICS nations and beyond.

    A new BRICS currency would also:

    • Strengthen economic integration within the BRICS countries
    • Reduce the influence of the US on the global stage
    • Weaken the standing of the US dollar as a global reserve currency
    • Encourage other countries to form alliances to develop regional currencies
    • Mitigate risks associated with global volatility due to unilateral measures and the diminution of dollar dependence

    What is Donald Trump’s stance on a BRICS currency?

    Trump has not been shy about upping the ante on American protectionism with tariffs. During the first US presidential debate between him and Vice President Kamala Harris on September 10, 2024, Trump doubled down on his pledge to punish BRICS nations with strict tariffs if they seek to move away from the US dollar as the global currency.

    He originally took a particularly strong stance against China, threatening to implement 60 percent to 100 percent tariffs on Chinese imports, although these hefty tariffs would be paid by American companies and consumers purchasing Chinese products, not by China itself.

    In early December 2024, Trump posted an even more direct threat to BRICS nations on Truth Social:

    “We require a commitment from these countries that they will neither create a new Brics currency nor back any other currency to replace the mighty US dollar or they will face 100% tariffs and should expect to say goodbye to selling into the wonderful US economy.’

    In response to Trump demanding a ‘commitment’ from BRICS nations not to challenge the supremacy of the US dollar, Kremlin spokesperson Dmitry Peskov sounded less than threatened.

    ‘More and more countries are switching to the use of national currencies in their trade and foreign economic activities,’ Peskov said, per Reuters. ‘If the U.S. uses force, as they say economic force, to compel countries to use the dollar it will further strengthen the trend of switching to national currencies (in international trade).’

    In July 2025, President Trump took it a step further by threatening to slap an extra 10 percent in tariffs on countries who side with BRICS policies, although this has not been implemented as of November 2025. ‘Any country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% tariff. There will be no exceptions to this policy,’ he wrote in a social media post.

    This additional BRICS targeted tariff has not yet been implemented as of November 2025.

    How will Trump’s tariffs affect BRICS nations?

    If US President Donald Trump were to come through on his promise to enact 100 percent tariffs on BRICS nations the outcome could prove costly for all parties involved.

    “The action would result in slower growth and higher inflation than otherwise in the US and most of the targeted economies,” according to analysis by the Peterson Institute for International Economics.

    China would likely experience the worst slowing of its GDP growth as the US is its largest trading partner. One silver lining for China is that its disciplined central bank will help to save it from accelerated inflation.

    While neither the 100 percent or 10 percent tariffs specifically targeting BRICS countries for their membership have been implemented, the countries still face many other tariffs from the US.

    Trump’s blanket 50 percent tariffs on steel and aluminum imports, set on June 3, 2025, impact Brazil, China and the UAE. Brazil is a top three source for US steel imports, while China and the UAE are significant sources of US aluminum imports.

    In late July, Brazil was also saddled with a 50 percent tariff on a broader range of goods, which US President Donald Trump inflicted on the nation in response to the trial of former President Jair Bolsonaro for his alleged coup attempt.

    Trump’s tariffs could have a significant impact on Brazil’s economy, which is the largest in Latin America. However, most of the key trading sectors between the two nations are exempt from the tariff, including “civil aircraft, pig iron, precious metals, wood pulp, energy and fertilizers,” states Reuters.

    India is another BRICS nation facing 50 percent tariffs. The sectors targeted span from textiles, garments and footwear to food, leather goods, gems and automobiles. Key industries such as pharmaceuticals and computer chips.

    One of the major sticking points for the Trump administration is India continuing to purchase Russian oil. India and China are the two largest buyers of Russian oil, but the US has yet to punish China for purchasing oil from Russia.

    Although China is the US’s biggest economic rival on the global stage, Trump hit the pause button on the escalating tariff war between the two nations until November 10, 2026.

    In the meantime, the US’s 30 percent tariff on Chinese goods remains in place. Negotiations are underway, including on a proposed 245 percent tariff on Chinese electric vehicle imports.

    In July, the Trump Administration imposed 30 percent tariffs on South Africa, the US’s second biggest trading partner. The African nation’s agriculture, mining and manufacturing sector are at significant risk from the tariffs, but there are exceptions in place for “copper, pharmaceuticals, semiconductors, some critical minerals, stainless steel scrap and energy products,” reports the BBC.

    How are BRICS nations responding to US tariffs?

    Brazilian President Luiz Inacio Lula da Silva convened an online BRICS summit on September 8, 2025, to address the threat of US trade policies and tariffs to member nations.

    “Tariff blackmail is being normalized as an instrument to seize markets and interfere in domestic affairs,” stated Lula, according to a prepared statement from the Brazilian government.

    “Our countries have become victims of unjustified and illegal trade practices.”

    Both Lula and Jinping called upon their BRICS peers to stand together and push back against unfair trade practices, and strengthen trade and cooperation between member nations.

    However, the South China Morning Post reports that summit attendees fell short of directly criticizing US President Donald Trump in a bid not to further stoke his ire. That may also be why most BRICS members are trying to negotiate with the US rather than fight back with retaliatory tariffs.

    Critics have suggested Trump’s tariffs are having the undesirable effect of driving major trading partners like Brazil, India and South Africa further into the arms of US rivals China and Russia.

    While currently only 9 percent of China’s exports are to other BRICS members, according to Reuters, trade between China and Russia reached a record US$244.8 billion in 2024.

    In addition, China is Brazil’s largest trading partner, importing 70 percent of its soybeans from the Latin American country. In fact, 28 percent of Brazil’s total exports go to China and 24 percent of its imports are from China.

    BRICS trade relations may strengthen as the bloc seeks to mitigate the economic impact of US tariffs.

    How would a new BRICS currency affect the US dollar?

    RomanR / Shutterstock

    For decades, the US dollar has enjoyed unparalleled dominance as the world’s leading reserve currency. According to the US Federal Reserve, between 1999 and 2019, the dollar was used in 96 percent of international trade invoicing in the Americas, 74 percent in the Asia-Pacific region and 79 percent in the rest of the world.

    According to the Atlantic Council, as of November 2025 the US dollar is used in approximately 89 percent of currency exchanges, and 56 percent of all foreign currency reserves held by central banks. Due to its status as the most widely used currency for conversion and its use as a benchmark in the forex market, almost all central banks worldwide hold dollars.

    Additionally, the dollar is used for the vast majority of oil trades.

    Although the dollar’s reserve currency share has decreased as the euro and yen have gained popularity, the dollar is still the most widely used reserve currency, followed by the euro, the yen, the pound and the yuan.

    The potential impact of a new BRICS currency on the US dollar remains uncertain, with experts debating its potential to challenge the dollar’s dominance. However, if a new BRICS currency was to stabilize against the dollar, it could weaken the power of US sanctions, leading to a further decline in the dollar’s value. It could also cause an economic crisis affecting American households. Aside from that, this new currency could accelerate the trend toward de-dollarization.

    Nations worldwide are seeking alternatives to the US dollar, with examples being China and Russia trading in their own currencies, and countries like India, Kenya and Malaysia advocating for de-dollarization or signing agreements with other nations to trade in local currencies or alternative benchmarks.

    While it is unclear whether a new BRICS currency would inspire the creation of other US dollar alternatives, the possibility of challenging the dollar’s dominance as a reserve currency remains.

    And, as countries continue to diversify their reserve holdings, the US dollar could face increasing competition from emerging currencies, potentially altering the balance of power in global markets.

    However, a study by the Atlantic Council’s GeoEconomics Center released in June 2024 shows that the US dollar is far from being dethroned as the world’s primary reserve currency. ‘The group’s ‘Dollar Dominance Monitor’ said the dollar continued to dominate foreign reserve holdings, trade invoicing, and currency transactions globally and its role as the primary global reserve currency was secure in the near and medium term,’ Reuters reported.

    Warwick J. McKibbin and Marcus Noland of the Peterson Institute for International Economics agree with this sentiment, writing in their analysis of the impacts of US tariffs on BRICS nations that ‘the BRICS pose no serious threat to the dollar’s dominance.’

    Ultimately, the impact of a new BRICS currency on the US dollar will depend on its adoption, its perceived stability and the extent to which it can offer a viable alternative to the dollar’s longstanding hegemony.

    Will the BRICS have a digital currency?

    BRICS nations do not as of yet have their own specific digital currency, but a BRICS blockchain-based payment system is in the works, according to Kremlin aide Yury Ushakov in March 2024.

    Known as the BRICS Bridge multi-sided payment platform, it would connect member states’ financial systems using payment gateways for settlements in central bank digital currencies. The planned system would serve as an alternative to the current international cross-border payment platform, the SWIFT system, which is dominated by US dollars.

    “We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain,’ Ushakov said in an interview with Russian news agency TASS, emphasizing that it should be convenient, as well as cost effective and free of politics.

    While development is underway, it has been a slow go and implementation isn’t likely before the end of the decade.

    Another dollar-alternative digital currency cross-border payment system in the works is Project mBridge, which is under development via a collaboration between the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China and the Central Bank of the UAE. Saudi Arabia joined the project in 2024.

    The central bank digital currencies traded on the platform would be backed by gold and local currencies minted in member nations.

    In June 2024, Forbes reported that the mBridge platform had reached a significant milestone by completing its minimal viable product stage (MVP).

    ‘The MVP platform can undertake real-value transactions (subject to jurisdictional preparedness) and is compatible with the Ethereum Virtual Machine (EVM), a decentralized virtual environment that executes code consistently and securely across all Ethereum nodes,’ the publication stated. ‘MVP thus is suitable as a testbed for new use cases and interoperability with other platforms.’

    How does the BRICS Unit relate to Project mBridge?

    Watch the full interview with Andy Schectman.

    ‘(New Development Bank President Dilma Rousseff) came out and publicly said that there has been an agreement in principle to use a new settlement currency called the Unit, which will be backed 40 percent by gold and 60 percent by the local currencies in the BRICS union — the BRICS+ countries. That gold will be in the form of kilo bars and will be deliverable or redeemable for those entities,’ Schectman said.

    ‘The basket of gold and the basket of currencies will be minted in the member countries … it will be put into an escrow account, taken off the ledger so to speak — off of their balance sheet and put onto the mBridge ledger, and held in an escrow account in their own borders. It doesn’t need to be sent to a central authority.’

    How would a BRICS currency impact the economy?

    A potential shift toward a new BRICS currency could have significant implications for the North American economy and investors operating within it. Some of the most affected sectors and industries would include:

    • Oil and gas
    • Banking and finance
    • Commodities
    • International trade
    • Technology
    • Tourism and travel
    • The foreign exchange market

    A new BRICS currency would also introduce new trading pairs, alter currency correlations and increase market volatility, requiring investors to adapt their strategies accordingly.

    How can investors prepare for a new BRICS currency?

    Adjusting a portfolio in response to emerging BRICS currency trends may be a challenge for investors. While it does not currently seem like a BRICS currency is on the immediate horizon, Trump’s aggressive trade tactics have pushed allies away from the US, making diversification important.

    Several strategies can be adopted to capitalize on these trends and diversify your portfolio:

    • Gain exposure to BRICS equity markets through stocks and ETFs that track BRICS market indexes.
    • Consider alternative investments such as real estate or private equity in the BRICS countries.

    Prudent investors will also weigh these strategies against their exposure to market, political and currency fluctuations.

    In terms of investment vehicles, investors could consider ETFs such as the iShares MSCI BIC ETF (ARCA:BKF) or the Pacer Emerging Markets Cash Cows 100 ETF (NASDAQ:ECOW). They could also invest in mutual funds such as the T. Rowe Price Emerging Markets Equity Fund, or in individual companies within the BRICS countries.

    Simply put, preparing for a new BRICS currency or potential de-dollarization requires careful research and due diligence by investors. Diversifying currency exposure, and investing in commodities, equity markets or alternative investments are possible options to consider while being mindful of the associated risks.

    Investor takeaway

    While it is not certain whether the creation of a BRICS reserve currency will come to pass, its emergence would pose significant implications for the global economy and potentially challenge the US dollar’s dominance as the primary reserve currency. This development would present unique investment opportunities, while introducing risks to existing investments as the shifting landscape alters monetary policy and exacerbates geopolitical tensions.

    For those reasons, investors should closely monitor the progress of a possible BRICS currency. And, if the bloc does eventually create one, it will be important watch the currency’s impact on BRICS member economies and the broader global market. Staying vigilant will help investors to capitalize on growth prospects and hedge against potential risks.

    FAQs for a new BRICS currency

    Is a BRICS currency possible?

    Some financial analysts point to the creation of the euro in 1999 as proof that a BRICS currency may be possible. However, this would require years of preparation, the establishment of a new central bank and an agreement between the five nations to phase out their own sovereign currencies; it would most likely also need the support of the International Monetary Fund to be successful internationally.

    The impact of its war on Ukraine will continue to weaken Russia’s economy and the value of the ruble, and China is intent on raising the power of the yuan internationally. There is also a wide chasm of economic disparity between China and other BRICS nations. These are no small obstacles to overcome.

    Would a new BRICS currency be backed by gold?

    Additionally, speaking at the New Orleans Investment Conference 2023, well-known author Jim Rickards gave a detailed talk on how a gold-backed BRICS currency could work. He suggested that if a BRICS currency unit is worth 1 ounce of gold and the gold price goes to US$3,000 per ounce, the BRICS currency unit would be worth US$3,000, while the dollar would lose value compared to the BRICS currency as measured by the weight of gold.

    Importantly though, he doesn’t see this as a new gold standard, or the end of the US dollar or the euro.

    “(With) a real gold standard, you can take the currency and go to any one of the central banks and get some gold,” Rickards said at the event. “With BRICS they don’t have to own any gold, they don’t have to buy any gold, they don’t have to prop up the price. They can just rise on the dollar gold market.’

    How much gold do the BRICS nations have?

    The combined central bank gold holdings of the original BRICS nations plus Egypt (the only nation of the five new additions to have central bank gold reserves) accounts for more than 20 percent of all the gold held in the world’s central banks. Russia, India and China rank in the top 10 for central bank gold holdings.

    Russia controls 2,329.63 metric tons (MT) of the yellow metal, making it the fifth largest for central bank gold reserves. China follows in the sixth spot with 2,303.51 MT of gold and India places eighth with 880.18 MT. Brazil and South Africa’s central bank gold holdings are much smaller, coming in at 145.14 MT and 125.47 MT, respectively. New BRICS member Egypt’s gold holdings are equally small, at 128.82 MT.

    Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

    This post appeared first on investingnews.com

    Bert Dohmen, founder and CEO of Dohmen Capital Research, discusses precious metals.

    He believes gold’s fundamentals support ‘much higher prices’ for a number of years, and sees silver doing even better as the US faces down the specter of potential deflation.

    Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

    This post appeared first on investingnews.com

    A woman whose concerns about Jeffrey Epstein were brushed off by the FBI three decades ago was vindicated Friday after the Department of Justice finally made her complaint public.

    Maria Farmer’s complaint was buried in the thousands of files related to Epstein’s and Ghislaine Maxwell’s sex trafficking cases that the DOJ published as part of its obligations under the Epstein Files Transparency Act.

    The document was dated Sept. 3, 1996, more than 10 years before Epstein first faced prosecution for sex crimes involving girls. In it, Farmer accused Epstein of stealing and selling photos of her young sisters. Farmer worked as an artist for Epstein and has long been outspoken about what she said was his abusive behavior.

    Farmer has said the photos of her sisters cited in the 1996 complaint included nudity, and the complaint is labeled as a possible ‘child pornography’ case.

    Names on the complaint were redacted, but The New York Times confirmed with Farmer that she was the one who filed it. Farmer told the outlet she felt ‘vindicated.’ 

    ‘I’ve waited 30 years. … I can’t believe it. They can’t call me a liar anymore,’ she said.

    The complaint noted that Farmer was a professional artist whose work included the images of her then 12- and 16-year-old sisters.

    ‘Epstein stole the photos and negatives and is believed to have sold the pictures to potential buyers,’ the complaint stated. ‘Epstein at one time requested [redacted] to take pictures of young girls at swimming pools. Epstein is now threatening [redacted] that if she tells anyone about the photos he will burn her house down.’

    Farmer and her sister Annie brought separate lawsuits in 2019 alleging Epstein and Maxwell sexually assaulted them, but the suits were dropped as part of a settlement involving accepting compensation from Epstein’s estate.

    Farmer also sued the DOJ in July, alleging the Clinton administration FBI ‘chose to do absolutely nothing’ with her complaint in 1996, and that in the years since, Epstein was able to victimize more women. Farmer said she also complained again to the FBI in 2006 during the Bush administration.

    Farmer’s complaint was among the tens of thousands of documents related to Epstein and Maxwell that the DOJ released on Friday, the transparency bill’s deadline. Other accusers, such as Marina Lacerda, have spoken out about their dissatisfaction with the file release, observing that it was incomplete and contained heavy redactions. The department has said more files are coming within the next two weeks.

    This post appeared first on FOX NEWS

    During 2025, silver has continued to build on gains made in the previous year, soaring above US$40 per ounce in early September.

    The gains have been driven by several factors, most notably the tightening of supply and demand fundamentals, resulting from higher demand from industrial sectors and its use in photovoltaics.

    Additionally, prices have found tailwinds from safe-haven investors who find silver’s lower entry price compared to gold appealing. The moves have been fueled by uncertainty in the global financial markets as the United States implements its new trade and tariff policies. Investors have also been unsettled by an escalating tension in the Middle East and the unresolved conflict between Russia and Ukraine.

    Below is an overview of the five largest silver-mining stocks by market cap as of August 25, 2025, as per data gathered using TradingView’s stock screener. Read on to learn more about the activities and operations of these large-cap silver stocks.

    1. Pan American Silver (TSX:PAAS)

    Market cap: C$16.35 billion
    Share price: C$45.06

    Pan American Silver is among the world’s largest primary silver producers, with silver assets located throughout the Americas and operations in Peru, Mexico, Bolivia, Argentina and Chile.

    According to its Q2 report, released on August 6, overall, the company produced 5.1 million ounces of silver during the period. Its largest silver-producing asset is the La Colorada mine in Mexico, which produced 1.51 million ounces of silver during the quarter.

    Other significant contributors to its silver production were its El Peñon gold-silver mine in Chile at 968,000 ounces of silver, Huaron in Peru at 844,000 ounces, San Vicente in Bolivia at 755,000 ounces, Cerro Moro in Argentina at 488,000 ounces and Dolores in Mexico at 291,000 ounces.

    The company also reaffirmed its 2025 operating outlook and expects full year silver production in the 20 million to 21 million ounce range, with all in sustaining costs in the US$16.25 to US$18.25 per ounce range.

    Additionally, the company announced on May 11 that it had entered into a definitive agreement to acquire all of the issued and outstanding shares of MAG Silver (TSX:MAG,OTC Pink:FNLPF). Under the terms of the US$2.1 billion deal, MAG shareholders will be paid out a mix of cash totaling US$500 million and 0.755 shares in Pan American per MAG share.

    Once complete, Pan American will control 44 percent of the Juanicipio mine in Central Mexico. The mine is operated by Fresnillo (LSE:FRES), which holds the remaining 56 percent.

    Pan American announced on August 25 that the Mexican Federal Economic Competition Commission approved the deal and expects the acquisition to be completed on approximately September 4.

    2. First Majestic Silver (TSX:AG)

    Market cap: C$6.03 billion
    Share price: C$12.36

    First Majestic has three wholly owned silver-producing mines in Mexico: San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila. The first two also produce gold.

    The company holds a 70 percent stake in the Los Gatos silver mine in Chihuahua as well. First Majestic acquired the property in January 2025 through a merger with Gatos Silver. Japan’s Dowa Holdings (TSE:5714) holds the remaining 30 percent interest.

    In addition to its producing assets, First Majestic commenced bullion sales from its own minting facility in Nevada, US, named First Mint, in March 2024.

    According to its Q2 2025 report, the company produced 3.7 million ounces of silver during the quarter, a 76 percent increase year-over-year, and set a record quarterly revenue of US$264.2 million.

    Its recently acquired Los Gatos was its largest producer, delivering more than 1.52 million ounces of attributable silver. San Dimas took second place at 1.24 million ounces, while La Encantada and Santa Elena produced 628,105 ounces and 306,224 ounces respectively.

    3. MAG Silver (TSX:MAG)

    Market cap: C$3.39 billion
    Share price: C$32.71

    MAG Silver is a silver production company that has a 44 percent stake in the Juanicipio mine in Zacatecas, Mexico. Fresnillo owns the remaining 56 percent of the operation.

    In addition to Juanicipio, the company also has two exploration projects, Deer Trail and Larder. Deer Trail is a silver, gold, lead, zinc and copper property in Utah, US, that hosts a historic mine, and Larder is a gold project located in Ontario, Canada.

    In the company’s Q2 2025 financial results on May 8, MAG Silver reported mining operations at Juanicipio had produced 4.3 million ounces of silver during the second quarter of the year. Additionally, ongoing optimizations at the site’s processing plant boosted silver recovery to 94.6 percent in Q2, up from 92.4 percent during the same period last year.

    On May 11, MAG announced that it had entered into a definitive agreement to be acquired by Pan American Silver in a US$2.1 billion deal. According to an announcement from Pan American, it is expected to close in September 2025.

    4. Endeavour Silver (TSX:EDR)

    Market cap: C$2.3 billion
    Share price: C$7.99

    Endeavour Silver is a silver company with two operating silver-gold mines in Mexico — Guanaceví and Bolañitos — plus the commissioning-stage Terronera project and several exploration properties.

    On May 1, the company announced that it had completed the acquisition of Compañia Minera Kolpa and the Huachocolpa Uno mine in Peru. The terms of the deal will see Endeavour pay total considerations of US$145 million in a combination of cash and Endeavour shares to Kopla shareholders.

    Endeavour has also agreed to pay an additional US$10 million in cash in contingent payments if certain events are met, and will add US$20 million in net debt, which will remain outstanding and repayable by Minera Kolpa.

    In the company’s Q2 earnings report, Endeavour reported silver production of 1.48 million ounces, 13 percent higher than during the second quarter of 2024. The company attributed the increased production to the acquisition of Kolpa.

    The company also provided an update on development at Terronera, which is nearing commercial production. As of the end of July, milling rates had increased to 1,900 and 2,000 metric tons per day, with average silver recoveries of 71 percent.

    5. Vizsla Silver (TSX:VZLA)

    Market cap: C$1.66 billion
    Share price: C$4.83

    Vizsla Silver is advancing its Panuco silver-gold project in Sinaloa, Mexico, toward production with the development of the Copala test mine.

    Viszla released an updated preliminary economic assessment for the Panuco project on February 20, suggesting a post tax net present value of US$1.14 billion with an internal rate of return of 85.7 percent and a pay back period of less than 1 year.

    Measured and indicated silver resources at the site totaled 127.82 million ounces of contained silver from 12.96 million metric tons of ore with an average grade of 307 grams per metric ton (g/t) silver. Its inferred resource totals 73.62 million ounces of silver from 10.47 million metric tons of ore with an average grade of 219 g/t.

    On June 18, Vizsla reported that it had advanced 125 meters at its Copala test mine and is progressing at a rate of 4 meters per day. Once the development reaches the main deposit, Vizsla will take a 10,000 metric ton bulk sample. The portal will also serve as the primary access for underground mining operations once a construction decision is made.

    Additionally, in May, the company entered into an agreement to acquire the producing Santa Fe silver-gold mine and property located to the south of Panuco.

    The property hosts operating mining infrastructure, including a processing plant and an underground mine built in 2018. Between 2020 and 2024, the mine processed 370,366 metric tons of ore, with an average head grade of 203 g/t silver and 2.17 g/t gold.

    Under the terms of the agreement, Vizsla will have the option to acquire a 100 percent interest in the Santa Fe producing concessions for US$4 million in exploration expenditures, along with cash considerations of US$1.5 million and 1.37 million Vizsla shares over five years. It also entered a purchase agreement to buy the Santa Fe exploration concessions for a further US$1.43 million and 2.75 million common shares.

    FAQs for silver investing

    Is silver a good investment?

    Silver comes with many of the same advantages as its sister metal gold. Both are considered safe-haven assets, as they can offer a hedge against market downturns, a weakening US dollar and inflation.

    Additionally, many investors like being able to physically own an asset, and with its lower price point, buying silver coins and bars is an accessible option for building a precious metals portfolio. Of course, physical silver isn’t the only way to invest in the metal — there are also silver stocks and various silver exchange-traded funds.

    It’s up to investors to do their due diligence and decide whether silver is the right match for their portfolio.

    Does silver go up when the stock market goes down?

    Historically, silver has shown some correlation with stock market moves, although it’s not consistent. When the stock market has seen its worst crashes, silver has moved down, but by a less significant amount than the stock market has, showing that it can act as a safety net to lessen losses in tough circumstances.

    However, silver is also known for its volatility. What’s more, because it has industrial applications as well as a currency side, silver is less tied to the stock market than gold is.

    Securities Disclosure: I, Dean Belder, hold an investment in Vizsla Silver.

    This post appeared first on investingnews.com