HYDERABAD: President-elect Donald Trump's warning that BRICS countries will face 100 percent tariffs if they choose to move away from the US dollar is unclear to what extent he will carry out his threat, as it remains to be seen if the US laws permit such an action, former RBI Governor Duvvuri Subbarao said on Monday.
He also said even for BRICS, there are internal differences about bringing out an alternative to the US dollar. The nine-member group that includes India, Russia, China, and Brazil, moving out of the US currency and having a common one remains a non-starter because of both politics and economics.
"Donald Trump has threatened to slap 100 percent tariffs on imports from countries that try to move out of the dollar. His ire was particularly directed at the BRICS bloc which has been actively talking about developing an alternative to the dollar. Trump is known to bark more than he bites," Subbarao said.
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