Washington, USA: After taking office as President, Donald Trump issued significant warnings to the BRICS nations, cautioning them against efforts to devalue the US dollar. He made it clear that if these nations moved forward with plans to diminish the dollar's value, he would take decisive action, including imposing 100% tariffs on the countries within the BRICS bloc.

Trump emphasized that creating a new currency to rival the US dollar is not feasible. He stated that any such attempt would trigger severe consequences, including heavy tariffs. "We won’t hesitate to enforce 100% tariffs on any country attempting to reduce the dominance of the US dollar in global trade," he declared.

BRICS, an international coalition of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the UAE, has been exploring ways to diversify trade currencies, with some discussing alternatives to the US dollar. However, Trump’s statement was a clear warning to those contemplating such shifts.

Despite this, India’s External Affairs Minister, S. Jaishankar, responded to Trump’s remarks by affirming that there are no plans to move away from the US dollar at present. He also mentioned that there are no current proposals for the creation of a BRICS currency.

The US dollar remains dominant in global trade, making up over 90% of transactions worldwide. Following the dollar, other convertible currencies like the Japanese yen, euro, and British pound also play important roles. However, some countries within the BRICS grouping believe that developing a shared currency could reduce reliance on a single dominant currency for international trade.