US President Donald Trump has renewed his threat of “economic retaliation” against BRICS countries if they try to abandon the dollar in global trade, saying he will ask them not to adopt a single currency.

In a post on his Truth Social platform on Friday, Trump said any attempt to move away from the US dollar in international trade would result in 100 per cent tariffs.

BRICS was founded in 2006 by Brazil, Russia, India and China, with South Africa joining in 2011. Egypt, Ethiopia, Iran and the United Arab Emirates became members on 1 January 2024.

In mid-January, Brazil’s foreign ministry announced that the Federal Republic of Nigeria had become the ninth country to join BRICS as a partner country.