Recently, President Trump made headlines again by threatening tariffs on BRICS nations should they decide to create their own currency. However, Russia swiftly dismissed these claims, stating that no such plans were in the works.
Trump’s comments echo a previous warning he issued after his election, urging BRICS members to stick with the US dollar. Yet, Kremlin spokesperson Dmitry Peskov made it clear that the focus of BRICS is not on forming a common currency. Instead, they are concentrating on creating investment platforms that can foster joint investment in various countries.
Peskov pointed out that this isn’t the first time Trump has issued such threats. He said, “BRICS has never discussed a common currency. We are focused on mutual investments and joint projects.” He also suggested that US experts need to better understand BRICS’s agenda.
The Kremlin previously stated that attempts from the US to influence countries to use the dollar could backfire. India, another member of BRICS, also downplayed Trump’s threats. Indian Foreign Ministry spokesperson Randhir Jaiswal emphasized that decisions within BRICS are made by consensus. On the topic of de-dollarization, he added that India does not have a specific strategy aimed at reducing reliance on the US dollar.
India is the largest trading partner of the US, and discussions are underway for Prime Minister Modi to visit the US for talks with Trump. BRICS originally included Brazil, Russia, India, and China, but has since grown to encompass more nations. Though the group lacks a shared currency, there has been a noticeable interest in trading using national currencies, especially following the sanctions imposed on Russia due to the ongoing conflict in Ukraine.
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