US President-elect’s Donald Trump has threatened nine country BRICS bloc with 100% tariffs if they went ahead the plan to counter US dollar’s prominence in global transactions as a reserve currency, by creating alternatives.
BRICS nations are making an attempt to create either new currency like euro or back some other emerging ones to gradually replace the US dollar.
Trump had called India a tariff king earlier, but this is the first time he indicated about any adverse tariff action against New Delhi after being elected as the 47th president of the US.
Dollar’s dominance is one of the key impediment for emerging market economies, as they seek to enhance their share in world trade and tilt the economic gains from trade in goods and services, as well as capital flows, in their favour.
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