Trump's stern warning to india, china and Russia...
With donald trump becoming the President in January, the world may have to face another wave of trade tariff war. US President-elect donald trump has threatened that if BRICS countries reject the US dollar or start using any other currency for international transactions, then 100% tariff will be imposed on these countries. These countries include india, russia, Brazil, china, South Africa and others. According to the information, Trump's comment came after the BRICS meeting in october in which promoting transactions other than the dollar was discussed.
Donald trump said in an online post that he cannot see BRICS countries moving away from the US dollar. He said, "The attempt of BRICS countries to move away from the dollar will not be tolerated anymore. We need to ensure from these countries that they will not create any new BRICS currency nor allow any other currency to replace the US dollar. Otherwise they will have to face 100% tariff and the possibility of doing business in the US economy will end."
BRICS countries' proposal to move away from the dollar and Trump's warning
The BRICS countries had considered promoting non-dollar transactions and strengthening local currencies at the summit held in Kazan, russia in October. A joint declaration was also made in this meeting in which steps were taken to strengthen the banking network between the BRICS countries and trade in local currencies. However, Russian President Vladimir Putin made it clear at the end of the conference that at present no alternative system has been created against the SWIFT financial system.
Opposition to the policy of india and other BRICS countries to move away from the dollar
India is also not in favor of moving away from the dollar. India's Foreign minister S. jaishankar said in october that this is not part of India's economic policy or strategic policies. However, he also said that if trading partners do not accept the dollar or problems arise due to trade policies, then alternative measures are considered.
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