AsianFin -- India is working to distance itself from the BRICS bloc’s de-dollarization efforts in an attempt to avoid U.S. President Donald Trump’s ire and keep trade negotiations on track, according to people familiar with the matter.
Trump has branded the BRICS alliance “anti-American” and accused it of seeking to undermine the U.S. dollar’s global dominance. He has threatened to impose a 10% tariff on all 10 BRICS nations, including India — despite claiming that a trade deal with New Delhi is close.
On Wednesday, the U.S. followed through with one of its harshest tariff actions yet, slapping a 50% levy on Brazilian goods. The move came just days after a BRICS summit in Rio de Janeiro, where member nations issued a joint statement condemning “trade-distorting” tariffs.