United States President Donald Trump on Saturday threatened BRICS nations, including India said all will face hundred percent tariffs if they take any action that devalues the US dollar.
Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates make up the BRICS alliance. Azerbaijan, Malaysia, and Turkey have submitted applications to join the organization, while a number of other nations have also indicated interest.
The only significant international organization that the US is not a member of is BRICS. Some of its members, with the exception of India and especially China and Russia, have been looking for a substitute for the US dollar or developing their own BRICS currency in recent years.
Trump strongly condemned the idea that the BRICS Countries are trying to move away from the Dollar. Neither, he wants any country to create it nor any other country to back one, who wants to make it.
Members of the BRICS and other developing countries have voiced their dissatisfaction with what they perceive to be American domination in the global financial system, despite the US dollar’s longstanding position as the primary currency in international trade.
Russian President Vladimir Putin called the United States’ “weaponization” of the dollar a “big mistake” during the October BRICS Summit. In an effort to get around Western sanctions and promote trade with its allies, Russia has pushed for a new payment system as an alternative to the Swift network.
