China is pressing BRICS countries to break with Washington over the Gulf, a bad sign for the dollar and for anyone holding US debt.

• China's leadership called on BRICS members to take the lead on Gulf peace, a direct swipe at US policy in the region.
• BRICS countries have leaned on cheap oil and energy from Iran and others, and Trump's pressure is cutting into that supply.
• Trump has called BRICS anti-American and threatened heavy tariffs on any member that helps build a rival currency.
• The real weapon is US government debt: Brazil, India, Russia, China, South Africa and others hold large piles of Treasuries and could sell together.
• Even hinting at a coordinated sell-off would knock down the dollar and send US interest rates sharply higher.

Outlook: Washington is already buying back its own debt to hold rates down without much success, so a BRICS move on Treasuries would hit an economy with little cushion left.