Members of BRICS, an informal grouping of emerging economies founded by Brazil, China, Russia and India as a counterbalance to wealthy Western nations, have been at the short end of Trump’s threats to penalize countries he deems are jeopardizing his “America First” agenda.

Two weeks ago, Trump renewed his pledge to declare a trade war on any “hostile countries” seeking to undermine the supremacy of the US dollar. In a social media post, he said he would “require a commitment” from BRICS countries that they would not go ahead with a plan to seek or create an alternative currency.

Amid these threats, Indonesia, which was granted BRICS membership on Jan. 6 in what it called a bid to strengthen cooperation with fellow developing countries, said late last week that it had no interest in replacing the greenback.

“As far as we understand, the issue of de-dollarization was discussed among BRICS members in its early days and ahead of Indonesia’s membership, and it was still only a plan. It was discussed as a potential form of BRICS cooperation and it was not narrowed to specificity,” Foreign Ministry spokesperson Rolliansyah “Roy” Soemirat told reporters on Friday.

“What is clear is that when Indonesia joined BRICS, it did so with a clear statement that it was not interested in the issue of de-dollarization,” he said.

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