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

BRICS leaders set to discuss key global political issues in Rio de Janeiro, but questions over the bloc’s cohesion arise as Chinese President Xi Jinping and Russian President Vladimir Putin opt to skip the summit.