President-elect Donald Trump said he would require countries that are part of BRICS — a China- and Russia-backed group of emerging economies — to commit to not creating new currency or face 100% tariffs during his administration.

While China could offset American tariffs by letting its currency fall, that might endanger Beijing’s recent efforts to stabilize the economy.

Donald Trump warned of 100% tariffs on BRICS nations — composed of Brazil, Russia, India, China and South Africa — should they develop a new currency to compete with the U.S. dollar. “The idea that the BRICS countries are trying to move away from the dollar while we stand by and watch is over,

South Africa's Dirco refuted claims of a unified Brics currency, emphasising trade in national currencies, amid US tariff threats against

President-elect Donald Trump on Saturday warned the BRICS nations they will face a 100% tariff in U.S. domestic markets if they proceed with plans to create a new currency to compete with the dollar.

The BRICS alliance is a bloc of nine countries that in recent years looked to reduce dependence on the U.S. dollar.

Officials, including Russian President Vladimir Putin, Chinese President Xi Jinping and Egyptian President Abdel Fattah al-Sisi, are seen through television cameras during a plenary session in the outreach/BRICS Plus format at the BRICS summit in Kazan,

President-elect Donald Trump is threatening 100% tariffs against a bloc of nine nations if they act to undermine the U.S. dollar

Donald Trump continues to threaten tariffs against foreign nations, this time toward a bloc of nine countries if they try to undermine the dollar's global dominance.