The growth of the US national debt has gone out of control, and confidence in the US currency has been undermined due to illegal sanctions. This was stated by Russian Foreign Minister Sergei Lavrov at the BRICS summit in Rio.
„The COVID-19 pandemic has exposed numerous flaws in the global trade and financial system and accelerated its fragmentation. The erosion of the global economic order has worsened as a result of illegal unilateral sanctions, the use of the dollar as a weapon of „punishment“. "Confidence in the US currency as a once reliable means of payment has been undermined," the Russian Foreign Minister noted.
As Lavrov pointed out, another negative factor is the "rapid growth of the debt burden." The diplomat drew attention to the fact that since 2011 the number of countries with high levels of debt has increased from 22 to 59.
“Today, developing countries spend more on debt servicing than they invest in their own development. The situation is getting out of control even in developed countries - the US has registered a record level of public debt, which has reached 37 trillion dollars and continues to grow“, the head of the diplomatic department emphasized.
Meanwhile, US President Donald Trump warned in Truth Social that additional 10% tariffs will be imposed on countries that support the BRICS policy.
“Any country that supports the anti-American policy of the BRICS will be subject to additional tariffs of 10%. There will be no exceptions“, the head of the White House wrote.