During his visit to Washington last October, India’s Minister of Commerce and Industry, Piyush Goyal, eagerly shared photos of his discussions with Biden administration officials Gina Raimondo and Katherine Tai. He also spoke publicly about the strong, long-standing ties between India and the United States.
However, Goyal’s recent visit to Washington earlier this month painted a starkly different picture. This time, he left without providing any details about his meetings with the newly appointed US Commerce Secretary, Howard Lutnick, and Trade Representative, Jamieson Greer. A week after his return, he shared a single photo with Greer on social media, stating only that their discussion was “forward-looking” and guided by an “India First” perspective.
Goyal’s sudden trip to the US, which had originally been planned for April, was prompted by US President Donald Trump’s announcement that starting April 2, reciprocal tariffs would be imposed on all US trading partners.
An even bigger concern for India—and other members of the BRICS—was Trump’s strong stance against their attempts to lessen dependence on the US dollar in international trade. The former president dismissed BRICS as “dead” and warned of a 100 percent tariff hike on imports from the bloc’s nations, accusing them of “playing games with the dollar.”
Despite Trump’s claims, BRICS has struggled to move forward with the idea of establishing an alternative currency due to its lack of a cohesive structure, making it difficult for member states to reach a consensus on such an ambitious initiative. In February 2025, it was announced that Brazil had decided not to join the common currency plan. With this decision, the country safeguarded its close economic ties with the United States.
