Countries like Malaysia and Thailand have expressed interest in joining BRICS, seen as a counterweight to the West, in recent years.

The US President had made similar warnings before assuming office as the US President, saying that BRICS nations would face 100 per cent tariffs on imports to the US if they launched a new currency.

While addressing reporters at the White House, Trump said the BRICS bloc, which now boasts ten member nations, was put there “for a bad purpose”

One of Donald Trump' leading economic agenda this year is mostly about imposing tariffs on foreign imports, and that has taken various forms now, starting off with flat tariff rates, followed by reciprocal tariffs,

U.S. President Donald Trump has tasked his economics team with devising plans for reciprocal tariffs on every country that taxes U.S. imports, raising the risk of a global trade war with American friends and foes.

President Trump is promising reciprocal tariffs on foreign imports, charging the same fees that other countries charge. Mr. Trump says it will mean more revenue for the U.S. government, but economists warn it could lead to a global trade war and drive up prices.

The Government faces questions on how it will respond to US President Donald Trump’s latest trade announcement, which threatens to impose tariffs as a retaliation for charging VAT on US goods. Mr Trump announced on Thursday that he would impose 'reciprocal tariffs' on all other countries,