Donald Trump has threatened to impose a 100 per cent tariff on a bunch of countries.
The president-elect has threatened this action against the Brics group of nations– which includes India– if they undercut the US dollar.
In a post on his social media platform Truth Social on Saturday (November 30), he wrote, “The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER.”
Trump then added, “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 U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy.”
The BRICS grouping includes Brazil, Russia, India, China, South Africa among others.
The statement comes after a BRICS summit held last month in Kazan, Russia, where the countries discussed boosting non-dollar transactions and strengthening local currencies.
Russia had proposing that Brics nations get their own international payment system: Brics Pay.
BRICS Pay would be on the lines of Europe’s Society for Worldwide Interbank Financial Telecommunication (SWIFT) network and India’s UPI.
It would let members of Brics make and receive payments in their native currencies including the Russian rouble, the Chinese yuan, the Indian rupee, the Brazilian real, and the South African rand.
It would allow users to convert between these currencies effortlessly – thus making cross-border payments more efficient.
Despite these ambitious plans, member countries exhibit varying levels of enthusiasm and commitment. China has expressed support for Brics Pay, while other nations, such as India and Iran, have shown limited interest in the proposal.
The BRICS group has expanded significantly since its inception in 2009, and now includes countries such as Iran, Egypt and the United Arab Emirates.
With inputs from agencies
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Trump threatens 100% tariff on multiple countries, including India, if they…
