US President Trump threatened the BRICS countries neither to create a new BRICS currency nor replace US Dollars with any currency, otherwise they will face 100% tariffs.
According to International trade experts any such tariff would ultimately hurt American economy.
The US has the history of leveraging its influence over the global financial system like SWIFT (SOCIETY FOR WORLDWIDE INTERBANK FINANCIAL TELECOMMUNICATION). In the past US weaponised the global financial infrastructure by throwing Iran & Russia out of SWIFT which is the key to international transactions.
Several countries have been looking for alternative mechanisms after such incidents.
Chinese government has been working aggressively on internationalisation of Renminbi, Chinese currency.
India's External Affairs Minister S. Jaishankar has said avoiding use of US is not India's economic policy.
#international #economy #US #Trump #BRICS
According to International trade experts any such tariff would ultimately hurt American economy.
The US has the history of leveraging its influence over the global financial system like SWIFT (SOCIETY FOR WORLDWIDE INTERBANK FINANCIAL TELECOMMUNICATION). In the past US weaponised the global financial infrastructure by throwing Iran & Russia out of SWIFT which is the key to international transactions.
Several countries have been looking for alternative mechanisms after such incidents.
Chinese government has been working aggressively on internationalisation of Renminbi, Chinese currency.
India's External Affairs Minister S. Jaishankar has said avoiding use of US is not India's economic policy.
#international #economy #US #Trump #BRICS