Jaishankar clarifies BRICS stance on US dollar amid Trump's tariff threats

firstpost.com — December 7, 2024 at 01:01 PM UTC

At a recent event, Indian External Affairs Minister S. Jaishankar stated that BRICS nations do not intend to undermine the US dollar. He emphasized that their focus is on enhancing financial cooperation, not competing with the dollar. This statement follows US President-elect Donald Trump's threats of 100% tariffs on countries challenging the dollar's dominance. Trump accused BRICS of potentially supporting efforts to replace the dollar, demanding a commitment from member countries against creating a new currency. While India seeks to maintain strong ties with the US, Russia is pushing forward with plans for a new payment system called "BRICS Pay." This system aims to facilitate cross-border payments in local currencies, reflecting differing priorities within the BRICS group.

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Timeline:

[4.4]

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[4.8]

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[5.0]

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[5.1]

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[5.1]

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[4.7]

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