The US has threatened to impose a 100% tariff on goods from BRICS nations, including China and India, if they pursue plans to drop the US dollar as their primary trading currency. This warning was issued by President-elect Donald Trump, who stated that the US requires a commitment from these countries that they will neither create a new BRICS currency nor back any other currency to replace the US dollar.¹
Former RBI Governor Duvvuri Subbarao has expressed doubts about the feasibility of Trump's threat, questioning whether US law permits such an action. Subbarao also noted that even among BRICS nations, there are internal differences about introducing an alternative to the US dollar. While some member countries, like Russia and China, are seeking an alternative, India has not been part of this move.²
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