Russia countered United States President Donald Trump’s tariff threat against BRICS while claiming the group has no intention to dethrone the US dollar. BRICS — a group of emerging economies including Brazil,

Dmitry Peskov, spokesperson for Kremlin ruler Vladimir Putin, has swiftly denied that the creation of a new common currency is being discussed, following US President Donald Trump’s threat to impose 100% tariffs on BRICS countries if they attempt to establish their own currency to replace the US dollar.

The Kremlin on Friday brushed off a repeat threat by U.S. President Donald Trump to impose tariffs on the BRICS grouping of countries if it created its own currency, saying there was no such plan.