Siladitya Ray is a reporter on the Forbes news team who covers major world news stories breaking overnight with a focus on technology and online platforms. He joined Forbes in 2020 and works in New Delhi.
Trump’s Cabinet And Key Jobs: David Sacks Selected As ‘A.I. & Crypto Czar,’ David Perdue Picked As Ambassador To ChinaThe head of India’s central bank on Friday said the country was not pursuing a policy of de-dollarization and no decisions have been made so far on the BRICS currency, a week after President-elect Donald Trumpto slap 100% tariffs on the BRICS group of nations if they attempt to replace the dollar in international trade.
Das said India “entered into local currency-denominated trade agreements” to reduce risk in some circumstances, as “Dependence on one currency can be problematic at times because of appreciation or depreciation.” Das reiterated that de-dollarization was “certainly not our objective” and said the concept of a BRICS currency was raised by one of the members of the group, but no decision has been taken on the matter. “The geographical spread of the countries has also to be kept in mind, unlike the euro zone which has geographical contiguity,” Das added. When asked specifically about Trump’s tariff threat, Das said it was too early to comment and added, “Let the policy come first.”We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Text “Alerts” to 335-0739 or sign upBRICS is an acronym for Brazil, Russia, India, China and South Africa, and it initially began as a group of top developing economies and an alternative to the G7 Group of developed nations. Last year, the BRICS group announced an expansion that resulted in the addition of four new members: Egypt, Ethiopia, Iran and the United Arab Emirates. Earlier this year, Brazilian President Luiz Inacio Lula da Silva called on the BRICS nations to create an alternative currency toIn a post on his Truth Social platform last week, Trump lashed out at the idea of a BRICS currency and warned he would impose a 100% tariff on all imports from BRICS members if they followed through with a plan to establish such a common trade currency. In his, Trump wrote that the tariff would target all BRICS members unless they commit “that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar.” He then added: “There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America.”Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.Insults, profanity, incoherent, obscene or inflammatory language or threats of any kindContinuous attempts to re-post comments that have been previously moderated/rejectedAttempts or tactics that put the site security at riskProtect your community.
Trump Tariff Threat BRICS Indian Central Bank De-Dollarization
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