President elect Donald Trump on Saturday (November 30) warned BRICS Currency countries against any move to replace the US dollar and sought a commitment from the nine-member group that includes India, Russia, China, and Brazil.
BRICS, formed in 2009, is the only major international group of which the United States is not a part. Its other members are South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. Over the past few years a few of its members countries, in particular Russia and China, are seeking and alternatives to the US Dollar or create own BRICS currency. India has so far not been part of the move.
Donald Trump warned BRICS Currency nations.
On Saturday, Trump warned BRICS nations against such a move. “The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER”. The president elect said in a post on Truth Social, a platform owned by him.
We require a commitment from these Countries that they will neither create a new BRICS Currency to replace the mighty U.S. Dollar or they, will face 100% Tariffs and should expect to say goodbye to selling into the wonderful U.S. Economy,” Trump warned.
India, an important pillar of BRICS, has said it is against de-dollarization. Ask you about de-Dollarization as a possibility for the world. At times India has expressed interest in alternative currency. It can serve as a reserve mechanism. I wonder how do you see that right now what you see as the role of the dollar and these discussions about your national policy? India’s External Affairs Minister S Jaishankar said during his appearance at the Carnegie Endowment for International Peace this fail.
I think you have us confused for someone else because we have never actively targeted the dollar. That’s not part of either our economic policy. Some others may have,” Jaishankar said.
