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Date: 04/12/2024

Trump’s threat of 100 pc tariffs on BRICS seen as unrealistic

US President-elect Donald Trump’s latest tariff threat directed towards the BRICS nations, including India, warning against the proposed adoption of a BRICS common currency, is unrealistic and more symbolic than practical, according to research body Global Trade and Research Initiative (GTRI). The threatened imposition of 100% tariffs would harm US consumers by raising the prices of imports, disrupting global trade and risking retaliation from key trading partners. For India, the prudent approach would be to focus on making local currency trading workable by establishing a transparent and open currency exchange. India’s best interests lie neither in the domination of the US dollar nor in fully adopting a BRICS currency at this stage. By enhancing its own financial infrastructure, India can better navigate the shifting dynamics of global trade, said GTRI, as per a report.
 
Source; Exim News Service: New Delhi, Dec. 3



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