In one other latest comment on BRICS and greenback, Lula mentioned, “We don't need to mess with the greenback, it is an essential foreign money. However we are able to have a foreign money for commerce in BRICS – it is an thought we have now to check.”
He added, “Not in search of to undermine the greenback, (we) recognise it as an essential foreign money,” whereas sustaining that BRICS ought to be open to “testing a standard commerce foreign money”.
Jaiswal mentioned New Delhi has already made its place clear on the problem that de-dollarisation isn't a part of its agenda. These feedback had been made amid US President's assault on BRICS' makes an attempt at so-called “de-dollarisation”.
In January 2025, Trump publicly threatened a 100% tariff on BRICS nations in the event that they pursued the creation of a shared foreign money. “Any try by BRICS to type a commerce foreign money that bypasses the greenback can be met with full-scale tariffs. 100% – no exceptions,” he had then mentioned.It could be recalled that Brazil hosted the final BRICS Summit in early July and it was determined that BRICS nations will proceed discussions on implementing a cross-border funds system.India and Brazil, each BRICS members, have been hit with 50% tariffs-the highest charge Trump has introduced.India is hopeful {that a} US-Russia peace deal may result in lifting of 25% tariffs imposed on it on account of importing Russian oil that, in response to Trump, is fuelling Moscow's “battle efforts”.
Brazil has been hit with 50% tariffs for what Trump has referred to as a “witch hunt” towards former president Jair Bolsonaro. Sources informed ET that the Trump administration was reportedly concerned in an tried coup try towards Lula.
Lula has additionally introduced that Brazil will search recourse by the World Commerce Group (WTO) and different formal diplomatic channels. He additionally confirmed he won't interact immediately with Trump.
