BRICS: India Plays 'Double Game' With the US Dollar?
India first grouped with its BRICS members and sought to find an alternative to the US dollar for cross-border transactions. The Modi-led government then took a U-turn after Trump won the White House and threatened to impose trade tariffs. As the tariff threats grew stronger and Canada, Mexico, and China faced the heat, India slowly backtracked from the de-dollarization agenda. The first move was to protect its economy from tariffs as it could impact the country’s imports and exports sector. Also Read: Illinois Analyst Predicts If BRICS Currency Can Replace the US Dollar BRICS: India & the US Dollar Source: Reuters / ShutterStock Foreign Minister S. Jaishankar made multiple statements this year citing that India has no plans of advancing the de-dollarization agenda. The U-turn comes after Trump’s threats of tariffs forced them to backtrack on the ideology. Read here to know how India not only rejected de-dollarization but also embraced the US dollar. India contradicted the B...