Washington: Newly elected U.S. President Donald Trump has warned the emerging economies group “BRICS” (Brazil, Russia, India, China, and South Africa) against introducing an alternative currency to the US dollar. Trump stated that if BRICS countries attempt to bring in or support a currency alternative to the US dollar, they will face a 100% tax.

Trump clarified his position by emphasizing that there is no possibility of an alternative to the US dollar in the global economy, and if BRICS nations pursue such a proposal, they will not find a place in the U.S. economy.

According to reports, BRICS countries are planning to trade in their own currencies, a proposal that is still under consideration. The BRICS group includes Brazil, Russia, India, China, and South Africa, and this year, the United Arab Emirates, Iran, Egypt, and Ethiopia have also joined the group.