August 22 through 24, BRICS held a summit meeting in South Africa with Brazil’s president, Luiz Inacio Lula da Silva leading the discussion of new members joining due to their geopolitical importance. New members include Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates.

BRICS’s reasoning for adding these countries was to develop a new economic bloc that could rival the U.S. dollar by 2050, leaving the United States dollar declining in value. As for the developing countries who want to join BRICS, they joined to avoid the United State’s hegemonic relationship with other nations.

Mexico is also going through a similar change as the peso is increasing in value, as some countries that are reasonably new to industrialization are pushing forward to compete against the U.S. alongside the bloc.

The recent developments could mean hefty changes for the United States and the way of life for around-the-house amenities or things such as imports from countries that are a part of the bloc increasing prices to said imports.

Russia and China’s involvement with the developing bloc has been in an attempt to gain more political and economic ground for BRICS to be able to compete against the U.S. dollar that is currently the main currency used for the global economy.

BRICS would essentially cause a potential reduction in the U.S.’ ability to use its economic power, leading to the United States’s decline in the global economy and an increase in its trade prospects.