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.

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,

US President-elect Donald Trump threatened to levy 100% tariffs on BRICS — a China- and Russia-led group of nations with emerging economies — if the countries decide to issue their own currency. Trump said his incoming administration will not allow the nine-nation group,