Home 2030 – Latin America, the new epicentre in the US-China Economic Battle

GEAB 180

The monthly bulletin of LEAP (European Laboratory of Political Anticipation) - 15 Dec 2023

2030 – Latin America, the new epicentre in the US-China Economic Battle

By January 1st, 2024, Argentina was expected to become a member of the BRICS bloc, alongside Iran, Egypt, Ethiopia, Saudi Arabia, and the United Arab Emirates[1]. However, Milei’s election as President abruptly reversed the country’s diplomatic trajectory, with a very marked pro-American shift, embodied in the desire to dollarise the economy. Such a choice implies a rejection of the BRICS[2], whose primary objective is to challenge the dominance of the U.S. dollar. While the BRICS+ are also intended to give a voice to emerging and newly-developed countries in a world that has finally become multipolar, this abortive membership embodies the shift in the epicentre of the Sino-American battle to Latin America.

The outcome is a consequence of both the enduring decline in the United States’ influence on the continent[3] and the persistent engagement of China. Having garnered support or, at the very least, secured passivity through its economic initiatives worldwide, China is now endeavoring to cultivate favour on a new continent[4].

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