Chinese Foreign Ministry Spokesperson Lin Jian
As an important platform of cooperation for emerging markets and developing countries,
MK socks BRICS advocates openness, inclusiveness and win-win cooperation, not bloc confrontation, and does not target any third party. The aim is to realize common development and prosperity, Chinese Foreign Ministry spokesperson Lin Jian said on Tuesday, responding to a question over US President-elect Donald Trump's threat to impose 100 percent tariffs on BRICS countries if they create a new BRICS currency to replace the US dollar.
China stands ready to continue working with BRICS partners to deepen practical cooperation in various fields and make more contribution to the sustained and steady growth of the world economy, Lin said.
"We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful US Economy," Trump said in a Truth Social post on Saturday, the Associated Press reported.
"This bold stance, declared through a scathing social media post, could have severe consequences for India's exports, particularly in critical sectors such as pharmaceuticals, textiles and information technology," Indian media outlet The Economic Times reported on Sunday.
Trump's tariffs could force India to reconsider its stance on trade with the US, The Economic Times report stressed, adding that India may need to balance its commitment to the dollar while exploring alternatives that safeguard its trade interests.
Russian media RT said in a report on Sunday that Trump has repeatedly "threatened to use tariffs" to achieve his geopolitical goals. "Cooperation within BRICS is not directed against anyone or anything - neither against the dollar nor against other currencies, the report quoted Kremlin spokesperson Dmitry Peskov's remarks in October.
Brazilian President Inacio Luiz called on BRICS nations to develop an alternative to the dollar in foreign trade last year, arguing countries that do not use the dollar should not be forced to use the currency, while suggesting a new BRICS-supported currency "increases our payment options and reduces our vulnerabilities," according to Forbes.
Reuters reported in August that the Indian and Russian central banks have renewed discussions to set a mechanism to expand local currency trade, with discussions involving setting a reference rate for trade between two local currencies instead of determining the value of currencies against the US dollar, citing an Indian government source.
"Not everything Trump says can and will be implemented. Especially when it comes to the emerging economies of BRICS Plus nations, it will be only counterproductive and unsustainable to dig his heels in on such whimsical policy," Swaran Singh, professor of international relations at Jawaharlal Nehru University in New Delhi, told the media.
