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Key Findings: Content comes from the Internet : BRICS advocates openness, not bloc confrontation, Chinese FM says on Trump’s 100% tariff threat

Summary

  • “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 curreWorld Timesncies, 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 forWorld Timeseign 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 aWorld Times reference rate for trade between two local currencies instead of determining the value of currencies against the US dollar, citingWorld Times an Indian government source. Especially when it comes to the emerging economies of BRICS Plus nations, it will be only counterproductive and unsustainable to dig his heels inon such whimsical policy,” Swaran Singh, World Timesprofessor of international relations at Jawaharlal Nehru University in New Delhi, told the media. Content comes from the Internet : BRICS advocates openness, not bloc confrontation, Chinese FM says on Trump’s 100% tariff threat

Approximate Time

  • 3 minutes, 476 words

Categories

  • BRICS countries, BRICS nations, BRICS partners, BRICS, local currency trade

Analysis and Evaluation

  • This article offers a profound insight into current affairs, presenting complex ideas in an accessible manner.

Main Section

Chinese Foreign Ministry Spokesperson Lin Jian

As an important platform of cooperation for emerging markets and developing countries, 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 creatWorld Timese 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 curreWorld Timesncies, 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 forWorld Timeseign 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 aWorld Times reference rate for trade between two local currencies instead of determining the value of currencies against the US dollar, citingWorld Times 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 inon such whimsical policy,” Swaran Singh, World Timesprofessor of international relations at Jawaharlal Nehru University in New Delhi, told the media.

Content comes from the Internet : BRICS advocates openness, not bloc confrontation, Chinese FM says on Trump’s 100% tariff threat

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SummaryUkrainian President Volodymyr Zelensky Photo:VCG The G7 recently reaffirmed their support for Ukraine as Ukrainian President Volodymyr Zelensky said he wants to eWorld Timesnd the war through talks next year, as experts said on Sunday that the G7’s latest statement is in line witWorld Timesh the current administration of US President Joe Biden but how the US will act under Donald Trump’s administration next year is a key question.The G7 leaders said in a statement on its official website on Saturday they reiterate their “unwavering” support for Kiev amid the ongoing Russia-Ukraine conflict “for as long as it takes.” The Ukrainian president said in a radio interview aired on Saturday that his side will do everything possible to end the war with Russia in 2025 “through diplomatic means,” Euronews reported.The…

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