100 per cent BRICS Tariffs Would Backfire On American Consumers: GTRI

ENA Economy 2024-12-02 13:44:27 New Delhi, Dec 2 (KNN) A prominent think tank has challenged President-elect Donald Trump's recent statement regarding potential 100 per cent customs duties on BRICS countries seeking to replace the US dollar, arguing that such a threat is more symbolic than practical and would ultimately harm American consumers. The Global Trade Research Institute (GTRI) emphasised that imposing such extreme tariffs would significantly disrupt global trade dynamics, potentially pushing up import prices and risking retaliatory actions from key international trading partners. The organisation suggests that instead of confrontational approaches, countries like India should concentrate on developing a transparent and functional local currency trading system. According to GTRI, the United States' historical pattern of leveraging its financial system influence—including control over networks like SWIFT—has ironically motivated many nations to explore alternative currency arrangements. The think tank argues that no single country, including the United States, can unilaterally dictate global economic policies without experiencing significant international pushback. Experts from the organisation underscored that India's strategic interests lie in maintaining a balanced approach, avoiding complete dependence on the US dollar while simultaneously refraining from wholesale adoption of a BRICS currency. The statement reflects a nuanced perspective on international monetary policy, emphasising the complexity of global economic interactions. The think tank's analysis suggests that diplomatic and economic engagement, rather than unilateral threats, would be more effective in addressing international monetary challenges and maintaining stable global trade relations. (KNN Bureau) 40106 https://knnindia.co.in/news/newsdetails/economy/100-per-cent-brics-tariffs-would-backfire-on-american-consumers-gtri 2024-12-02 13:44:27 knnindia.co.in 100 per cent BRICS Tariffs Would Backfire On American Consumers: GTRI