India, Brazil Discuss US Tariffs, Trade in Local Currencies Amid New Ruling

Kumaran, while speaking at the Special Briefing by MEA on State visit of President of Brazil to India, said that it was a "rather new development" and both sides needed to study about it.

"Yes, there was a discussion on the US trade policy and the implications of the US Supreme Court judgment. Both leaders agreed that it's a rather new development and that both sides need to study the implications of this and wait for further developments by the US administration. So we will essentially be in a wait-and-watch mode to see how the administration responds to this judgment and whether any further steps are taken and to study the implications for our trade," he said.

The parties discussed that it is not clear yet as to which tariffs would go and which would stay.

"We discussed that there is a 10% tariff that President Trump has announced in his press conference yesterday. Now which are the tariffs that remain which are the tariffs that go away. All that is being studied in detail by our commerce ministry all that was agreed upon was that these are all very fast-moving developments. It came in late last night. And it was agreed that we will wait and watch and see what exactly it means for our trade," he added.

He said that there is no discussion on BRICS currency, but there is agreement on settling trade using local currencies.

"About BRICS currency there is there is no discussion about a BRICS currency. In fact, President Lula had said this in his interview yesterday. There is interest in trying to have some trade on the basis of local currency settlements but there is no discussion for a BRICS currency and I think President Lula had clarified this in ample detail yesterday so I would refer you to that also," he said.

Kumaran said that there is a strong consensus among India and Brazil on UN reforms.

"UN reforms are important in India-Brazil discussions. We are the G4 members India Brazil Germany and Japan. We have permanent membership candidate support. We have UN efforts coordinated for reforms. President Lula talked on that subject on- or multilateralism in WTO or United Nations related organisations," he said.

Brazil President Luiz Inacio Lula da Silva arrived in India on February 18. During the period February 19-20 participated in the India AI Impact Summit. Today, he was given a traditional welcome in the forecourt of Rashtrapati Bhavan. He, alongwith 11 ministers met the Prime Minister and his delegation at Hyderabad House. This is President Lula's fifth visit to India as President of Brazil. The visit comes seven months after the state visit of PM to Brasilia on July 8, 2025.

- ANI