Doha/New Delhi:
External Affairs Minister S Jaishankar said in Qatar that no decision has been taken to introduce a new currency to compete with the US dollar. Jaishankar has gone to Qatar to participate in the Doha Forum. Jaishankar’s comments come a week after US President-elect Donald Trump demanded the BRICS member countries, which include major emerging economies like India, Russia and China, not to create a new currency or to replace the dollar. Will not support any other currency.
Trump had threatened to impose 100 percent tariffs if BRICS members start a de-dollarization policy or move away from the US dollar.
Referring to Trump’s recent warning to BRICS countries about imposing 100 per cent tariffs on the BRICS currency if they move forward, Jaishankar said, ‘I don’t know exactly what was the reason behind it (Trump’s comment), But we have always said that India has never been in favor of ‘de-dollarization’ (reducing the dependence of countries on the US dollar as a reserve currency, medium of exchange). Right now, there is no proposal for a BRICS currency.
He also told that the stance of BRICS countries (on the issue of BRICS currency) is not the same.
Jaishankar said, “We had good relations with the previous Trump administration, very solid relations, yes there were some issues, mostly trade related issues, but there were a lot of issues on which Trump was very international. And I remember people Let me remind you that the Quad was actually restarted during Trump’s tenure.”
He also mentioned the personal relationship between Prime Minister Narendra Modi and President-elect Trump, which has contributed to the strong bilateral relations between the two countries.
He said, “There is a personal relationship between PM Modi and Trump… As far as the BRICS comments are concerned, we have said that India has never been in favor of de-dollarization, there is no point in having a BRICS currency right now.” “No proposal. BRICS discusses financial transactions… America is our biggest trading partner, we have no interest in weakening the dollar.”
Warning BRICS members not to commit to creating a new currency or supporting any other currency to replace the US dollar, Trump said they could find another “fool”.
“We need a commitment from these countries that they will neither create a new BRICS currency, nor support another currency in place of the mighty US dollar, or they will face 100 percent tariffs,” Trump wrote on his social media platform Truth Social. And they will have to say goodbye to their sales in the wonderful American economy.”
The US President-elect said, “They can find another idiot.” There is no possibility that BRICS will replace the US dollar in international trade, and any country that tries to do so will He should say goodbye to America.”
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