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Following Donald Trump's warning about the BRICS and the replacement of the dollar, two countries in the bloc have clarified that they have no plans to abandon the US currency as a global reference.
Donald Trump's recent warning about a possible replacement of the dollar as the main currency for international trade has gained prominence overall, especially amid the expansion of BRICS. However, two members of the group reinforced that they have no immediate plans to weaken the dollar's position.
India was yet another BRICS country that categorically ruled out any participation in a process to create a reserve currency for the bloc.
This decision comes after threats by US President-elect Donald Trump to impose 100% tariffs on countries seeking de-dollarization.
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"The idea that BRICS countries are trying to move away from the dollar while we sit back and watch is OVER”, Trump posted on X on November 30. He stressed that any attempt to challenge the US dollar would result in severe tariffs and trade consequences.
South Africa responds quickly
South Africa was the first to react to Trump's statements. On December 1, the Department of International Relations and Cooperation (DIRCO) issued an official statement denying any BRICS plans to create a new currency.
"False reports have led to the incorrect narrative that BRICS is planning to create a new currency”, DIRCO stated. “Discussions within BRICS focus on the use of national currencies in trade between members. "
The department also highlighted that the BRICS New Development Bank still relies on the dollar for investments, totaling more than $30 billion in projects in developing economies.
India's position on BRICS
More recently, India’s External Affairs Minister reiterated that the country does not support de-dollarization. Speaking at a panel at the Doha Forum in Qatar, he said that India has no intention of weakening the US dollar.
"There is no proposal to create a BRICS currency”, Jaishankar said. He added that the bloc members do not have a unified position on the issue.
The minister highlighted the relationship between Indian Prime Minister Narendra Modi and Trump as a positive factor. “We have a good relationship with the Trump administration. We have no interest in weakening the US dollar, our largest trading partner.”, He stated.
Impact of Trump's threats
Trump's statements have resonated with analysts and economists, with many seeing his threats as part of a larger strategy to protect the dollar's status.
Others, however, believe that these measures could accelerate the movement towards diversifying international reserves, with an emphasis on gold.
The BRICS countries, for example, have increased their gold purchases in the past two years, especially after Western sanctions against Russia over the war in Ukraine.
This movement reflects the search for security in the face of global economic uncertainties.
The role of gold as a reserve
Chantelle Schieven, head of research at Capitalight Research, believes that gold will continue to be a strategic asset in volatile scenarios. In an interview with Kitco News, she highlighted the precious metal’s role as a hedge against economic threats.
"These threats will encourage central banks to diversify their currencies and increase gold reserves.”, Schieven said. Despite this, she does not believe that Trump will follow through on his threats, as this could harm the US economy.
Trump's recent threats have put the BRICS under the global spotlight. However, official statements from the bloc and India’s clear position show that there are no concrete plans to challenge the US dollar.
So, let's remove India and South Africa from the BRICs! We don't need American ass-kissing around here!
We don't need **** from North Korea and Russia around here, go live there ****.