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.

U.S. President Donald Trump threatened to add an additional 10 percent tariff to any country aligned with BRICS (Brazil, Russia, India, China, and South Africa) and then later threatened 25 percent tariffs as of 1 August on China,