India's External Affairs Minister, S. Jaishankar, addressed President-elect Donald Trump's recent statement about imposing tariffs on BRICS nations at the Doha Forum. Jaishankar emphasized the strong relationship between India and the US, particularly during Trump's first administration, and the revival of the QUAD alliance. He also emphasized the positive personal bond between Prime Minister Modi and Trump, and India's stance against de-dollarization. Jaishankar reiterated the importance of the US-India trade partnership and stated that there are no plans for a BRICS currency.
BRICS and India's Stance on US Tariffs
Background:
The BRICS (Brazil, Russia, India, China, and South Africa) group of nations was formed in 2006 to promote economic cooperation and global governance reforms. The group has been critical of the US-dominated global economic order and has advocated for a more equitable system.
In 2020, then-US President Donald Trump threatened to impose tariffs on goods from BRICS nations, citing unfair trade practices. India, a member of BRICS, responded with concern.
India's Position:
India's External Affairs Minister, S. Jaishankar, addressed Trump's tariff threat at the 2021 Doha Forum. He emphasized the strong relationship between India and the US, especially during Trump's first term, and the re-establishment of the QUAD alliance (a security dialogue between India, the US, Japan, and Australia).
Jaishankar also highlighted the personal bond between Prime Minister Narendra Modi and Trump. He stated that India does not support de-dollarization, a move that would reduce the dominance of the US dollar in global trade.
India's Concerns:
India is concerned about the potential impact of US tariffs on its exports. India exports significant amounts of goods to the US, including pharmaceuticals, textiles, and machinery. Tariffs would increase the cost of these goods for US consumers, making them less competitive.
Top 5 FAQs:
1. Why did Trump threaten tariffs on BRICS nations? Trump accused BRICS nations of unfair trade practices, such as currency manipulation and state subsidies.
2. What is India's stance on the tariffs? India is concerned about the economic impact of the tariffs and believes that they could disrupt global trade.
3. What is the relationship between India and the US? India and the US have a strong relationship, especially in defense and security cooperation. India is also a major trade partner for the US.
4. What is the QUAD alliance? The QUAD is a security dialogue between India, the US, Japan, and Australia. It was established to counter China's growing military presence in the Indo-Pacific region.
5. What is India's position on de-dollarization? India does not support de-dollarization, believing that it would destabilize the global financial system.
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