Trump alleged BRICS was “set up to hurt us, to degenerate our dollar,” and warned that nations trying to undermine the dollar would “pay a big price.”

President Donald Trump threatened to add a 10% tariff rate on BRICS-aligned countries. The term first applied to 4 countries but the group expanded.

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 after the U.