look news india
Washington: Angered by the steps taken by the BRICS countries to weaken the US dollar, the newly elected US President Donald Trump has openly called on the BRICS countries to stop trade with the US and impose 100 percent tariff on US exports to the BRICS countries against using any other currency. Has threatened. Along with this, he has also sought assurance from BRICS countries including India, Russia, China and Brazil not to use any currency against the US dollar in future. BRICS, formed in 2009, is the only major international grouping of which the US is not a member. America has also threatened other countries regarding the dollar.
After Canada and Mexico, now America’s newly elected President Donald Trump has openly threatened the BRICS countries. At a time when BRICS countries are exploring the possibility of a new BRICS currency to reduce the dominance of the dollar in the world, Donald Trump said that if the BRICS countries launch a new currency in place of the US dollar, then 100 percent tariff will be imposed. Imposed on these countries. Any conspiracy to weaken the US dollar will not be tolerated.
Countries like Iran, United Arab Emirates, Egypt, Ethiopia have also joined this global group established by Brazil, Russia, India, China and South Africa in 2009. Besides, countries like Azerbaijan, Türkiye and Malaysia have also applied to join it. This is the only important international group in the world of which America is not a member. In the last few years, the BRICS countries, led by Russia and China, have been considering options to reduce the importance of the dollar, under which the BRICS are also preparing to create their own BRICS currency. However, India has not yet joined the initiative, which is mainly supported by Russia and China.
BRICS countries say that global organizations are dominated by Western countries. However, developing countries should get due dominance. The combined economy of the BRICS countries is $28.5 trillion or 28 percent of the global economy. BRICS countries also have a 44 percent share in crude oil production, although the US dollar dominates global trade. To end this dominance of the dollar, there has been a demand to develop a new currency system.
Donald Trump wrote in a post on social media, BRICS countries are trying to move away from the dollar and the idea that we will stand by and watch is over. These countries will have to commit that they will neither introduce a new BRICS currency nor support other currencies in place of the powerful US dollar. If the BRICS countries weaken the dollar and use another currency, they will face 100 percent tariffs and will have to be prepared to say goodbye to selling products in the great American economy. This means that they will have to stop doing business in America. They can find another idiot. There is no possibility that BRICS can replace the US dollar in international trade and any country that tries to do so will have to say goodbye to the US.
Worldwide trade, international payments, loans, and imports and exports are mostly conducted in US dollars. The dollar’s share in global currency reserves is 59 percent and 64 percent of the world’s total debt is recorded in dollars. Apart from this, 58 percent of international transactions are also done in dollars. Dollar contributes 88 percent to foreign transactions.
Donald Trump’s threat is worrying for developing countries like India, because along with importing from America, India also exports a large number of goods. Bilateral trade between India and the US was $118.3 billion in the year 2023-24. At this time India exported 41.6 billion dollars to America.