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.

According to the American President, losing the US dollar as the “world standard” would be akin to losing a “major world war”.