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External Affairs Minister Jaishankar is in Doha to attend the Doha Forum at the invitation of Qatar PM. On November 30, Trump had warned the BRICS countries against any move to replace the US dollar. He demanded a commitment from the nine-member grouping and threatened member countries with 100 percent tariffs for such an effort.
External Affairs Minister Dr S Jaishankar said on Saturday that the BRICS countries do not intend to weaken the US dollar and India has never been in favor of de-dollarization. His statement came in response to US President-elect Donald Trump’s recent threat to impose 100 percent tariffs if the BRICS countries go ahead with the plan for a common currency. He also clarified that the BRICS countries are not unanimous on this matter. He said this while speaking at the Doha Forum in Qatar. He was speaking on a panel with Qatar’s Prime Minister and Minister of Foreign Affairs Mohammed bin Abdulrahman and Norway’s Foreign Minister Espen Barth Eide. Jaishankar said that I am not exactly sure what was the trigger for this but we have always said that India has never been in favor of de-dollarization. At present, there is no proposal to have a BRICS currency.
External Affairs Minister Jaishankar is in Doha to attend the Doha Forum at the invitation of Qatar PM. On November 30, Trump had warned the BRICS countries against any move to replace the US dollar. He threatened member countries with imposing 100 percent tariffs on such an effort while demanding a commitment from the nine-member grouping, which includes India, Russia, China and Brazil. Russia and China have tried to bring an alternative to the US dollar. Brazil also proposed a common currency, but no concrete progress was made on this. Before the BRICS summit, Russian President Putin had said that Russia does not want to give up or defeat the dollar. He is being prevented from working with dollars. Therefore, there is a compulsion to find some other alternative in place of the dollar. Trump is enraged by these efforts of BRICS countries to reduce the value of the dollar.
Threatening the BRICS countries, Trump wrote on Twitter that we need a commitment from these countries that they will not create a new BRICS currency. Nor will they support any other currency in place of the powerful US dollar. Trump said that if BRICS countries do this, they will face 100 percent tariffs. At the same time, they should be ready to say goodbye to selling products in the fantastic American economy. They can find some other fool. There is no possibility that BRICS will replace the US dollar in international trade. Any country that tries to do this should say goodbye to America.
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