Doha/New Delhi: External Affairs Minister S. Jaishankar has dismissed any suggestion of a new BRICS currency, reaffirming that the group of emerging economies has no intention of undermining the dominance of the US dollar in global trade.

Jaishankar’s comments, made during his visit to Qatar for the Doha Forum, came in response to recent remarks by US President-elect Donald Trump, who warned of imposing 100% tariffs on BRICS countries if they moved towards de-dollarization or created a currency to rival the US dollar. A week ago, Trump demanded that BRICS member countries—including India, Russia, China, Brazil, and South Africa—commit to not creating a new currency or supporting alternatives to the US dollar.

He issued the threat through his social media platform, Truth Social, stating that any attempt to replace the dollar would lead to severe trade consequences with the United States. “We had a solid relationship with the Trump administration,” Jaishankar said in Doha, acknowledging that while there were trade-related differences, the administration had been supportive of international cooperation, including the restart of the Quad alliance. He added that Prime Minister Narendra Modi and President-elect Trump shared a strong personal rapport, which contributed to the strength of bilateral ties between India and the US.

Addressing Trump’s concerns, Jaishankar emphasized that India has always opposed the idea of de-dollarization and that there is currently no proposal to introduce a BRICS currency. "India has never been for de-dollarisation. At present, there is no proposal to create a BRICS currency. BRICS discussions focus on financial transactions, but we have no interest in weakening the US dollar," Jaishankar said.

Trump’s warning was stark, as he stated that BRICS nations could face “100 percent tariffs” if they pursued any plans to challenge the dollar's dominance. He further remarked that any country attempting to replace the US dollar in international trade would have to "say goodbye to America." The US President-elect also warned BRICS nations they could find “another sucker” if they tried to sideline the US dollar, underlining the financial consequences of such a move. Jaishankar’s remarks align with India’s stance that the US dollar remains central to international trade, and the country has no plans to move away from it.

The BRICS group continues to discuss ways to strengthen economic cooperation, but a new common currency is not on the agenda. The controversy comes at a time when BRICS is seeking to expand its influence in global finance, but the group's stance on currency competition remains cautious and aligned with the established global financial system.