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

The Brics Summit has entered its second day in Brazil’s Rio de Janeiro. Prime Minister Narendra Modi is attending the event and will also hold meetings with other world leaders on the sidelines. Meanwhile,