It's an economic war on BRICS nations: Economist Sharad Kohli weighs in on Trump's threat
BRICS countries regarding the latter's de-dollarisation efforts as an economic war on the developing nations.
In an X post, Trump threatened BRICS countries that his administration would impose 100 per cent tariffs on all imports from those countries, should they dare to launch their currency.
With growing global fragmentation, and geopolitical and geostrategic shifts, de-dollarisation plans are gathering currency. On the other hand, BRICS countries are working on reducing dollar dominance in the global financial system by replacing it with a new global currency.
«In other words, this will almost put an embargo on imports being done from these countries. If we look at it from the other side, the BRICS countries will find it impossible to export their products to the US because 100 per cent tariffs would make exports unviable for the Americans to buy,» Kohli told ANI.
The US commands its influence by way of its dollars. Reportedly, an idea was floated at the recent BRICS summit for the launch of a currency, which can be used for trade between the member countries. The US sees this idea as a threat as that would reduce the dollar's dominance.
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