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

Trump said the U.S. will impose an additional 10% tariff on any countries aligning themselves with the "Anti-American policies" of the BRICS group of developing nations, whose leaders kicked off a summit in Brazil.

Brazilian President Luiz Inacio Lula da Silva said on Monday (July 7) it was "irresponsible" for U.S. President Donald Trump to threaten countries with tariffs on social media, adding that other nations have the right to reciprocate.