Indian Congress MP Shashi Tharoor has called US President Donald Trump’s latest warnings against BRICS countries—which include a threat of 100% tariffs if they try to replace the US dollar—”empty.” The US dollar is a “practical convenience” for the majority of nations engaged in international trade, Tharoor noted, adding that there is currently no significant suggestion from BRICS to create an alternative currency.
Trump’s claim that any BRICS country attempting to abandon the dollar would suffer dire economic repercussions was followed by Tharoor’s remarks. Trump said, “They can go find another sucker Nation… any Country that tries should say hello to Tariffs, and goodbye to America!”
He reaffirmed his support for the dollar’s hegemony, saying that the US has sway over the BRICS nations and that it is impractical to replace it.
There is no firm plan for a unified currency among the BRICS nations, despite talks about lowering dependency on the US dollar, especially in the wake of Western sanctions on Russia.
Trump’s warnings have also been rejected by the Kremlin, which has made it clear that talks to establish a BRICS currency are not currently underway. To improve mutual investments, BRICS is instead concentrating on cooperative investment platforms.
All things considered, Tharoor’s comments are consistent with a wider BRICS agreement that, despite possible interest in diversifying trade currencies, significant efforts to create a substitute for the US dollar are still lacking. Trump’s threats might therefore not be as urgent or supported.
