India is a member of the BRICS group, which US President donald trump has threatened to slap 100% tariffs on if they try to replace the US dollar with another currency. trump said, "The idea that the BRICS countries are trying to move away from the dollar, while we stand by and watch, is OVER," in a post on friday found on Truth Social, his social media site.

"We are going to require a commitment from these seemingly hostile countries 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% tariffs, and should expect to say goodbye to selling into the wonderful US economy," he said in his trademark bellicose voice.
 
Brazil, Russia, india, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates are members of the BRICS intergovernmental organization, which has been debating alternatives to the US currency for international commerce.
 
"They can move on to another pathetic country. In international commerce or anyplace else, the US dollar will never be replaced by BRICS, and any government that attempts to do so should bid America farewell and welcome tariffs. trump went on.
 
The US president's warning comes after he warned BRICS not to make a move that would result in the "de-dollarization" of the world economy earlier this month, just after taking office.
 
He had told reporters in the Oval Office, "They (BRICS) tried to do a number on the United States, and if they do that, they are not going to be happy about what's going to happen to them."
 
Before that, he threatened to impose punitive tariffs on the group in december if they proceeded with any preparations to abandon the US dollar.

External Affairs minister S jaishankar had responded to Trump's threats by emphasizing that india had never advocated abandoning the US currency and had instead looked for "workarounds" to further its commercial interests. He said that there aren't any plans for a BRICS currency at the moment.
 
Although the US dollar accounts for over 90% of transactions worldwide, other convertible currencies such as the british pound, euro, and Japanese yen also play important roles. Their usage has been accepted by the US.
 
Similarly, a BRICS currency would be an option to ease commerce between member countries and lessen dependency on a single currency.
 
 
 

 
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G GOWTHAM

31/01/2025 12:27 PM