December 7, 2024: External Affairs Minister S Jaishankar has clarified that there is no proposal to introduce a BRICS currency to rival the US dollar. His remarks, made during the Doha Forum in Qatar, come in response to US President-elect Donald Trump’s stern warning against any de-dollarization efforts by BRICS nations.
A week earlier, Trump had demanded that BRICS member countries, including India, China, and Russia, pledge not to establish a new currency or support any alternative to the US dollar. He threatened to impose 100% tariffs on these nations if they pursued such policies.
“We currently have no plans to weaken the US dollar or adopt a BRICS currency. The US is India’s largest trade partner, and our relationship is solid,” Jaishankar said, emphasizing India’s commitment to maintaining the dollar’s prominence.
He also highlighted the personal rapport between Prime Minister Narendra Modi and President-elect Trump as a factor bolstering India-US ties. “There is a personal connection between PM Modi and Trump, which has strengthened our bilateral relations. Under Trump’s first term, significant initiatives, including the QUAD revival, were achieved,” Jaishankar added.
Trump, addressing the issue on his platform Truth Social, had issued a stark message: “Any nation attempting to replace the US dollar in international trade will face severe tariffs. They can go find another ‘sucker.’”
Jaishankar reiterated that financial discussions among BRICS nations focus on improving transactional mechanisms rather than challenging the dollar’s dominance. “India has never supported de-dollarization. The BRICS forum discusses financial systems but has no intention to undermine the US dollar,” he said.
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