De-dollarisation not our policy or strategy: India after yet another Trump threat to BRICS

Trump has consistently opposed de-dollarisation, warning that BRICS countries must uphold the US dollar's role in global trade or risk facing economic repercussions.
MEA spokesperson Randhir Jaiswal
MEA spokesperson Randhir Jaiswal File photo
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NEW DELHI: India on Friday reaffirmed that de-dollarisation is neither its policy nor strategy, after President Donald Trump again warned BRICS countries against replacing the US dollar as a reserve currency, reiterating a threat of 100% tariffs he had made earlier.

“On de-dollarisation, the External Affairs Minister has made it clear that we don’t have any policy or strategy in this regard,” External Affairs Ministry spokesperson Randhir Jaiswal said.

The BRICS group of countries including India, China and Russia account for 40 per cent of global population and an estimated one-third of global gross domestic product (GDP).

Although the BRICS countries have explored the idea of a BRICS currency, it remains far from realisation, as unlike other groupings such as the European Union, they lack a common market or unified trade policy. In the last summit of the grouping, BRICS countries, however, had stressed on the need for trade in local currencies and smooth cross-border payments to strengthen their economic cooperation.

But India has insulated itself from the talks of de-dollarisation. External Affairs Minister S Jaishankar had earlier said that moving away from the US dollar is not part of New Delhi’s economic policy.

MEA spokesperson Randhir Jaiswal
Find another sucker: Trump warns BRICS nations, says '100 per cent tariff if they move away from US dollar'

“We have never actively targeted the dollar. That's not part of either our economic policy or our political or strategic policy,” he said responding to a question on de-dollarisation at the Carnegie Endowment for International Peace in Washington in October.

Trump has consistently opposed de-dollarisation, warning that BRICS countries must uphold the US dollar's role in global trade or risk facing economic repercussions.

“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER," Trump posted on Truth Social on Thursday.

"We are going to require a commitment from these seemingly hostile 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% Tariffs, and should expect to say goodbye to selling into the wonderful US Economy. They can go find another sucker Nation. There is no chance that BRICS will replace the US Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America,!" he said.

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