India and its fellow BRICS nations are focused on fostering economic partnerships and have no intention of undermining the U.S. dollar, Indian Foreign Minister Subrahmanyam Jaishankar clarified on Saturday. His comments came in response to U.S. President Donald Trump’s recent threat of imposing 100% tariffs on the bloc should it attempt to introduce a common currency or diminish the dollar's dominance in global trade.
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Last month, Trump warned via social media that any efforts by BRICS to replace the dollar would result in severe economic consequences, stating, "Any country that tries should say goodbye to America."
Speaking at the Doha Forum in Qatar, Jaishankar expressed uncertainty over the motivation behind Trump’s remarks. He emphasized that India, a key BRICS member, has no history of advocating for a diminished role of the dollar. “There is no proposal for a BRICS currency at this time. The bloc’s discussions are centered around economic cooperation, and as the U.S. remains India’s largest trading partner, we are not interested in weakening the dollar,” he asserted.
Jaishankar also underscored the positive relationship between Indian Prime Minister Narendra Modi and Trump, noting, “There are no divisive issues between Washington and New Delhi.”
Speculation on a BRICS Currency
The notion of a BRICS common currency has been sporadically floated, most recently by Russia, which held the rotating presidency of the bloc in 2022. Brazilian President Luiz Inácio Lula da Silva echoed support for the idea, citing the potential to reduce economic vulnerabilities tied to dollar fluctuations.
However, during their October summit in Kazan, Russia, BRICS leaders refrained from announcing any concrete plans for such a currency. Instead, they focused on strengthening their economic autonomy through initiatives like a cross-border payment system compatible with the Western SWIFT network and increasing the use of local currencies in trade.
A Vision of Collaboration, Not Confrontation
Kremlin spokesman Dmitry Peskov reiterated that BRICS’s initiatives are not intended to challenge or replace the dollar. “Cooperation within BRICS is not against any currency or country,” Peskov stated. “The aim is to safeguard the economic interests of member nations.”
As BRICS continues its discussions on fostering resilience and self-reliance, the bloc remains committed to maintaining constructive relations with global economic powers, including the United States.
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