External Affairs Minister Dr S Jaishankar on Saturday said that BRICS countries do not intend to weaken the US dollar and India has never been for de-dollarisation. His statement came in response to US President-elect Donald Trump's recent threats of imposing a 100 per cent tariff if BRICS countries went ahead with plans for a common currency.
He also clarified that the BRICS nations do not share a consensus on this matter. He said this while speaking at the Doha Forum in Qatar. He was speaking while on a panel with the Qatari PM and Foreign Affairs Minister Mohammed bin Abdulrahman and Norway’s Foreign Minister, Espen Barth Eide. Jaishankar said, “I am not exactly sure what was the trigger for it but we’ve always said that India has never been for de-dollarisation. Right now, there is no proposal to have a BRICS currency."
Notably, MEA Jaishankar is in Doha to attend the Doha Forum at the invitation of the Qatari PM. Trump on November 30, warned BRICS countries against any move to replace the US dollar. He threatened the member countries of 100 per cent tariff imposition for such an attempt while seeking a commitment from the nine-member group that includes India, Russia, China, and Brazil.
What did Trump say?
Trump warned the BRICS countries through a social media platform Truth Social, which he owns. He said, “The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER."
“We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other 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.
Donald Trump further said, “They can go find another 'sucker!' 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." It is worth mentioning here that at the 2023 summit in South Africa, BRICS countries committed to studying the feasibility of a new common currency. The proposal was made by Brazilian President Luiz Inacio Lula de Silva.
(With inputs from agencies)
