GTRI calls Trump's 100% tariff threat unrealistic and urges India to boost local currency trading

US President-elect Donald Trump’s warning to BRICS nations about imposing 100% tariffs is deemed unrealistic by the Global Trade Research Initiative (GTRI). They suggest India should instead focus on developing local currency trading systems. GTRI argues that such high tariffs would mainly harm US consumers by raising import prices and disrupting global trade. They emphasize that India should enhance its financial infrastructure rather than rely on the US dollar or a potential BRICS currency. The think tank notes that the US dollar dominates global trade, but other currencies are also significant. They assert that the US's actions have prompted countries to seek alternatives to the dollar, and imposing tariffs could backfire economically on the US.