Congress MP Shashi Tharoor quickly dismissed Trump’s threat as an "empty" one, stating there was no indication that any BRICS nation was seriously planning to shift away from the dollar. Tharoor pointed out that such a move would only be of concern if countries like India took active steps toward de-dollarization. He emphasized that, to his knowledge, the Indian government had not shown any support for such a shift. “I don't think there is any particular plan whatsoever to do that,” Tharoor remarked, adding, “And therefore, the threat of the president seems a bit empty because it's only if there is an actual proposal that comes up.”
While Tharoor acknowledged that there had been some localized examples of countries using alternative currencies, he argued that these were limited in scope. For instance, India has engaged in Rupee-Ruble trade with Russia and Rupee-Riyal trade with Iran, bypassing the dollar in specific instances. However, Tharoor emphasized that these were isolated examples rather than a broad-based movement away from the US dollar.
The Congress leader also stressed that, for most countries, the dollar remains a “practical convenience” in international trade due to its widespread use and stability. He suggested that, despite the discussions surrounding alternatives, the dollar’s dominance would continue for the foreseeable future as it remains the most trusted and widely accepted currency in global markets.
Trump’s warning has added to growing concerns over the future of the dollar as the global reserve currency, but experts, including Tharoor, believe such fears may be premature. De-dollarization efforts, they argue, face significant challenges, including the established infrastructure and global trust in the US currency. Until a clear and organized proposal emerges from BRICS nations, it seems unlikely that Trump’s tariff threat will have any immediate consequences.
