Saudi Arabia Shifts Business Partnership from the United States to China

Hello and welcome to Deepin Moments:Elizabeth brings you the latest news on the evolving global landscape and its impact on geopolitics, international relations, and the world economy. Last week, Saudi Arabia and six other nations officially joined the BRICS group, marking a significant development in the international arena. This move is seen as an effort to reduce Saudi Arabia's reliance on the US dollar and strengthen multilateral relations. One of the most significant outcomes of Saudi Arabia's entry into the BRICS group is its reconsideration of nuclear power cooperation. Reports suggest that Saudi Arabia is exploring collaboration with China while halting its nuclear project with the United States due to restrictive conditions imposed by the US. This shift has raised questions about the future of US-Saudi relations, the geopolitics of the Middle East, and the “petrodollar“ system. Additionally, the expanding BRICS bloc is causing scholars to reevaluate the global economic and trade payment system, including the role of the US dollar.