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Donald is going to take oath as the US President on January 20 next year. He won the presidential election last month.
Newly elected US President Donald Trump has threatened to impose tariffs on BRICS countries while posting from his social media account on Saturday. Trump talked about imposing 100% tariff on BRICS countries trading in any currency other than the US dollar.
Trump said that we need a guarantee from the BRICS countries that they will not create any new currency in place of the US dollar for trade nor will they trade in the currency of any other country. If BRICS countries do this, they will face 100% tariffs on their exports to the US.
Also, one should forget about selling goods in the American market. Trump said- There is no place to use other currencies instead of dollars for trade. If any country does this then it should forget America.
BRICS includes 9 countries including India, Russia and China. It is a group of countries with emerging economies.
In October this year, a summit of BRICS countries was held in Kazan, Russia. During this period, there were also reports of discussion among BRICS countries regarding their own currency.
There is no consensus among BRICS countries on creating currency.
There has been no consensus among the member countries included in BRICS regarding the creation of currency. No official statement has come yet regarding this. Before the summit of BRICS countries held in Russia this year, there was intense discussion regarding its currency.
However, even before the summit, Russian President Putin had made it clear that the BRICS organization is not considering creating its own currency. However, in the summit there was discussion about the own payment system of BRICS countries.
There was discussion about preparing this payment system on the lines of the global SWIFT payment system. India had offered its UPI for payment system to BRICS countries.
The annual meeting of BRICS was held from 22 to 24 October in Kazan city of Russia.
America earns billions on the basis of dollar
The SWIFT network started in 1973 with 518 banks in 22 countries. At present it includes 11,000 banks from more than 200 countries. Who keep their foreign exchange reserves in American banks. Now not all the money is invested in business, so countries invest their extra money in American bonds, so that they can get some interest.
Including all the countries, this money is about 7.8 trillion dollars. That means twice more than India's economy. America uses this money for its growth.
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Till the Second World War, most countries issued currency of the same value as the gold reserves they had. In 1944, delegates from 44 countries of the world met and fixed the exchange rate of all currencies against the US dollar, because at that time America had the largest gold reserves and was the largest and most stable economy in the world. Read the full news here…
