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

Leaders of the BRICS group of emerging economies meeting for their annual summit had hoped to downplay any differences with the U.S. But even a toned down group proclamation drew the ire of President Trump.