New Delhi: Amid former US President Donald Trump’s strong warnings against BRICS nations creating a new currency to rival the US dollar, India has firmly reiterated its commitment to the existing global financial system.
External Affairs Minister S Jaishankar, speaking at the Doha Forum in Qatar, categorically stated that there are no plans to introduce a new currency to compete with the dollar. His statement directly addresses Trump’s recent pronouncements, which threatened 100 per cent tariffs on BRICS members if they pursued de-dollarisation policies.
Trump’s aggressive stance, delivered via his social media platform, Truth Social, was a direct challenge to the BRICS nations (Brazil, Russia, India, China, South Africa). He demanded a commitment from these countries to neither create a new currency nor support any alternative to the US dollar, threatening severe economic repercussions for non-compliance.
His message was sharp and uncompromising, leaving no room for misinterpretation. Trump’s statement explicitly warned BRICS members against any attempt to undermine the dollar’s dominance in international trade, emphasising the immense economic consequences for any nation that might attempt to do so.
“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 US Dollar or, they will face 100 per cent tariffs, and should expect to say goodbye to selling into the wonderful US economy,” Trump wrote on his social media platform, Truth Social.
“They can go find another ‘sucker’. There is no chance that the BRICS will replace the US dollar in international trade, and any country that tries should wave goodbye to America,” the US President-elect had said.
Jaishankar, however, sought to de-escalate tensions, emphasising India’s consistent stance against de-dollarisation. He highlighted that India has never advocated for replacing the US dollar and currently has no proposals for a BRICS currency. While acknowledging past trade-related disagreements with the Trump administration, he also pointed to areas of cooperation, notably the revival of the QUAD (Quadrilateral Security Dialogue) under Trump’s presidency. He further emphasised the strong personal relationship between Prime Minister Narendra Modi and former President Trump, which fostered strong bilateral relations between the two nations.
“We had a good relationship, a very solid relationship with the first Trump administration, yes there were some issues mostly trade-related issues, but there were a whole lot of issues on which Trump was very international, and I remind people that it was actually under Trump that the QUAD was restarted,” Jaishankar said.
While BRICS nations regularly discuss financial transactions, the focus remains on cooperation and streamlining processes within the existing framework, not on replacing the dominant global currency.
