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After Donald Trump’s Warning About the BRICS and the Replacement of the Dollar, Two Countries from the Block Clarified That They Have No Plans to Abandon the American Currency as Global Reference.
Donald Trump’s recent warning about a possible replacement of the dollar as the main currency for international trade gained global attention, especially amid the expansion of the BRICS. However, two members of the group reinforced that they have no immediate plans to weaken the dollar’s position.
India was another BRICS country that categorically dismissed any involvement in a process to create a reserve currency for the block.
This decision comes after threats from the elected president of the U.S., Donald Trump, to impose tariffs of 100% 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 idly by and watch is OVER,” Trump posted on X on November 30. He emphasized that any attempt to challenge the American 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 plans from the BRICS to create a new currency.
“False reports led to the incorrect narrative that BRICS is planning to create a new currency,” DIRCO stated. “Discussions within BRICS focus on using national currencies for trade among members.”
The department also highlighted that the New Development Bank of the BRICS still depends on the dollar for investments, totaling over US$ 30 billion in projects in developing economies.
India’s Position on the BRICS
More recently, India’s Foreign Minister reiterated that the country does not support de-dollarization. At a panel at the Doha Forum in Qatar, he stated that India has no intention of weakening the American dollar.
“There is no proposal to create a BRICS currency,” Jaishankar said. He added that the members of the block do not have a unified position on the matter.
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 are not interested in weakening the American dollar, our largest trading partner,” he stated.
The Impact of Trump’s Threats
Trump’s statements resonated among analysts and economists. Many see his threats as part of a larger strategy to protect the status of the dollar.
Others, however, believe that these measures could accelerate the movement towards diversifying international reserves, particularly highlighting gold.
BRICS countries, for example, have increased their gold purchases over the past two years, especially after Western sanctions against Russia due to the war in Ukraine.
This movement reflects the search for security amid 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 instability scenarios. In an interview with Kitco News, she highlighted the role of the precious metal as protection against economic threats.
“These threats will encourage central banks to diversify their currencies and increase gold reserves,” Schieven stated. Nevertheless, she does not believe that Trump will follow through on his threats, as this could harm the U.S. economy.
Trump’s recent threats have placed the BRICS in the global spotlight. However, the official statements from the block and India’s clear position show that there are no concrete plans to challenge the American dollar.
Fora índia fora África do Sul
Não precisamos de **** da coreia do norte e Rússia por aqui, vá morar lá ****.
Então, que retirem a índia e a África do Sul do BRICs! Não precisamos de babá ovo de americano por aqui!