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Trump's threats to BRICS states if they ditch dollar are untenable, says Indian expert

The expert explained that, theoretically, a common BRICS currency could protect the group from the dangers of dollar dominance

NEW DELHI, December 2. /TASS/. US President-elect Donald Trump's threat to impose 100% tariffs on goods from BRICS countries if they choose to abandon the dollar is implausible, as it remains uncertain whether US laws would allow such actions, Duvvuri Subbarao, former Governor of the Reserve Bank of India, said in an interview with the PTI agency on Monday.

"Trump is known to bark more than he bites," the expert remarked.

"It's unclear to what extent he will act on his threat. What standards will the US use to determine if a country has moved away from the dollar? And does US law permit imposing sanctions on countries simply because they are moving away from the dollar?" he added.

The expert explained that, theoretically, a common BRICS currency could protect the group from the dangers of dollar dominance. However, in practice, the member states are not yet ready to create one, either politically or economically.

Earlier, Trump warned that he would impose 100% trade tariffs on goods from BRICS countries if they adopt a new currency or abandon the dollar. According to him, any nation attempting to replace the dollar for international trade will "say goodbye to America."

Speaking at the plenary session of Valdai on November 7, Russian President Vladimir Putin stated that it is premature to discuss a single BRICS currency, as the countries in the group have not yet set such a goal. According to the Russian leader, in order to consider a common currency, the BRICS countries need to "achieve greater economic integration" and improve "the quality of their economies to a level where they are compatible in structure, and in the overall quality of their economies."

The BRICS group was formed in 2006 by Brazil, Russia, India and China. South Africa joined in 2011. Egypt, Iran, the UAE, Saudi Arabia and Ethiopia became members of the group on January 1, 2024.

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