If BRICS countries introduce a new currency, they will be banned from selling products in the US market

Donald Trump’s warning

(BRICS : An organisation of nine countries, including India)

Washington (US) – BRICS, which includes India, Brazil, Russia, China, South Africa, Egypt, Ethiopia, Iran, and the UAE, is reportedly working on introducing a new currency aimed at weakening the dominance of the US Dollar. Newly elected US President Donald Trump issued a warning regarding this proposal, stating in a post that, “BRICS countries are trying to move away from the Dollar. 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 US Dollar or, they will face 100% tariffs, and should expect to say goodbye to selling into the wonderful US economy.”

The US Dollar remains the most widely used currency in global trade. Developing countries argue they are tired of US’s dominance in the global economy. BRICS nations aim to reduce reliance on the Dollar and Euro and further their economic interests.

At last year’s BRICS summit, member nations discussed creating a common currency for mutual trade and investment among BRICS countries.

No Plan for BRICS Currency – Dr Jaishankar’s Clarification

India’s Minister of External Affairs Dr S Jaishankar clarified that India has no plans regarding a BRICS currency, refuting Trump’s claims.

Editorial Perspective

The US often takes measures to suppress or weaken nations or global organisations it perceives as competitors, as reflected in Trump’s warning. Can such a nation ever truly be India’s friend ?