Trump accused the BRICS alliance of trying to undermine the US dollar's global dominance, threatening consequences, including 10 per cent tariff on India. He asserted the dollar's importance and vowed to maintain its status.

Trump also said he doesn’t see BRICS as a serious threat but believes the group is trying to weaken the U.S. dollar so another country can replace it as the global standard.

US President Donald Trump on Tuesday said that members of the BRICS bloc, including India, will be subject to 10% additional tariffs.