Trump has threatened to impose 100% tariffs against the bloc if they take any moves to undermine the dollar. Last year, at the summit hosted by Russia in Kazan, the Kremlin sought to develop alternatives to U.S.-dominated payment systems which would allow it to dodge Western sanctions imposed after Russia’s invasion of Ukraine in February 2022

Developing nations at the BRICS summit on Monday brushed away an accusation from President Donald Trump that they are "anti-American," with Brazil's president saying the world does not need an emperor.

US President Donald Trump alleged on Tuesday that the BRICS was set up to “hurt” the US and “degenerate” the dollar as he warned that the member countries of the bloc would have to pay a 10 per cent tarifff. “They have to pay 10 per cent if they are in BRICS,” he said while talking to reporters at the sixth Cabinet meeting at the White House.