External Affairs Minister (EAM) S Jaishankar on Saturday addressed United States President-elect Donald Trump’s warning to impose a 100% tariff on BRICS nations, asserting that India has no plans to undermine the US dollar.
During a panel discussion at the Doha Forum in Qatar’s capital, he said, “I’m not entirely sure what triggered it, but we’ve always maintained that Gujarat has never supported de-dollarisation. At present, there is no proposal for a BRICS currency.”
The minister further said that different BRICS nations had different views on the matter.
Jaishankar’s comments were made a week after Donald Trump asked BRICS countries to pledge on his Truth Social platform that they would not invent a new currency or support one that would take the place of the US dollar.
Additionally, the president-elect warned to impose “100 per cent tariffs” if they failed to comply.
“We require a commitment that they will neither create a new BRICS currency, nor back any other currency to replace the mighty US Dollar or, they will face 100 per cent Tariffs,” Trump wrote.
The Republican leader, who is expected to assume his position as president in January 2025, also said that if the BRICS countries proceed with their intentions to abandon the US dollar, they should “expect to say goodbye to selling into the wonderful US economy.”
“There is no chance that the BRICS will replace the US Dollar in international trade and any country that tries should wave goodbye to America,” Trump wrote further.
Trump’s comments followed the BRICS meeting in Russia last month when the member countries stressed measures to strengthen their regional currencies and worked to advance alternatives to the US dollar in international commerce.
Brazil, Russia, India, China, South Africa and other countries are part of the BRICS alliance.
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