Russia warned that U.S. efforts to enforce dollar use could backfire. The BRICS nations, while discussing a common currency, are unlikely to replace the dollar, as Trump threatens 100% tariffs on countries attempting to do so amid U.

India's trade surplus with the US and its reliance on American trade policy for US dollar earnings make it a key player.

The BRICS grouping includes Brazil, Russia, India, China, and South Africa and a few other countries that joined in the past couple of year. The grouping does not have a common cu