US President Donald Trump reiterated his warning regarding tariffs to the BRICS nations, which encompass India, shortly after assuming office on January 20. He stated that these member countries would incur 100 percent tariffs should they persist in their efforts to de-dollarise.
“As a BRICS nation… they will face a 100 percent tariff if they even consider pursuing their intentions, and as a result, they will abandon such plans immediately,” Trump was reported by ANI, addressing the initiative to diminish the dollar’s role in international trade.
These remarks were made during a press conference at the Oval Office following Trump’s inauguration as the 47th president of the United States.
Established in 2009, BRICS is the only significant international coalition from which the United States is excluded. Its members include India, Russia, China, Brazil, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.
In recent years, certain member nations, particularly Russia and China, have been exploring alternatives to the U.S. dollar or the establishment of a distinct BRICS currency. India has not yet participated in this initiative.
“If the BRICS countries wish to pursue this, that is acceptable; however, we will impose a tariff of at least 100 percent on any trade they conduct with the United States. This is not merely a threat. In fact, since I made that remark, Biden has indicated that they have us in a difficult position. I countered that we actually have them in a difficult position, and there is no feasible way for them to proceed with this,” stated Trump.
During the plenary session of the 15th BRICS summit in 2023, Russian President Vladimir Putin advocated for de-dollarisation, emphasizing the need for member nations to increase transactions in their national currencies and to strengthen collaboration among their banking institutions.
Last month, Shaktikanta Das, the governor of the Reserve Bank of India (RBI), stated that India has not initiated any measures aimed at de-dollarisation. Instead, the focus is on mitigating risks in domestic trade arising from geopolitical disturbances. Das emphasized that de-dollarisation is not currently being considered.
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