Despite no plans for a BRICS currency, US President-elect Donald Trump has threatened to impose a 100% tariff on BRICS nations if they create a currency to replace the US dollar.

Donald Trump has threatened a 100% tariff on BRICS countries if they create a currency to replace the US dollar.

The BRICS group has no current plans for a common currency, but discussions focus on boosting trade using national currencies.

India and Russia are trading in their own currencies, as are Russia and China.

Some BRICS nations, like India and UAE, have also started direct trade in rupees and dirhams.

After being banned from SWIFT, Moscow is in talks with countries, including India, for a non-SWIFT system for financial transactions.

More countries are considering using national currencies for trade due to concerns over the weaponization of the US dollar.

India’s External Affairs Minister S. Jaishankar confirmed there is no BRICS currency plan, focusing instead on trade in national currencies between member states.

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