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Donald Trump’s Stern Warning to India, China, Russia: ‘Find Another…’
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Donald Trump’s Stern Warning to India, China, Russia: ‘Find Another…’
President-elect Donald Trump issued a stark warning to BRICS nations on Saturday, urging them to abandon any plans to replace the US dollar with an alternative currency.
This came amid growing speculation, particularly from Russia and China, about creating a new currency for the BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, as well as Iran, Egypt, Ethiopia, and the United Arab Emirates.
In a post on Truth Social, a platform owned by Trump, he declared, "The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER."
He demanded that the nine-member group, including key players like India and China, commit to not creating a new BRICS currency or endorsing any other currency to replace the US Dollar in international trade. "Any country that tries should wave goodbye to America," Trump warned, threatening 100% tariffs on countries that defy this stance.
The US president-elect's warning follows discussions at the 2023 BRICS summit in South Africa, where the group agreed to study the feasibility of introducing a common currency, a proposal initially raised by Brazilian President Luiz Inácio Lula da Silva.
India, a significant member of BRICS, has consistently opposed the idea of de-dollarization. Indian External Affairs Minister S. Jaishankar, speaking at the Carnegie Endowment for International Peace in October, clarified India's position. He emphasized that India has never targeted the dollar as part of its economic or strategic policy.
Jaishankar explained, “Some others may have [targeted the dollar], but we are not actively pursuing this. Our concern is with trade partners who struggle to deal in dollars due to US policies. We are simply exploring workarounds to facilitate trade.”
While India has expressed occasional interest in alternative currencies as a reserve mechanism, Jaishankar stressed that India does not aim to undermine the US dollar’s dominance but seeks practical solutions for trade that aligns with its economic needs. "We are trying to do our business," Jaishankar added.
The discussions within BRICS continue to evolve, with some members advocating for reduced reliance on the US dollar. However, India’s position appears clear, maintaining that while alternative currencies may be explored for specific transactions, the US dollar remains central to its economic strategy.