The US President recently issued a blunt warning to BRICS nations, threatening a 100% tariff on all imports into the United States if they proceed with launching a common currency.
About BRICS Grouping:
BRICS is an acronym for Brazil, Russia, India, China, and South Africa, a bloc of countries that formed a partnership following the creation of the term in 2001 by Goldman Sachs economist Jim O'Neill (but it didn't include South Africa at the time).
South Africa joined in 2010, making it "BRICS".
Representatives of the BRIC countries first began meeting informally during the 2006 meeting of the United Nations General Assembly.
The group was designed to bring together the world's most important developing countries to challenge the political and economic power of the wealthier nations of North America and Western Europe.
It is an attempt to form a geopolitical bloc capable of counterbalancing the influence of Western-dominated global institutions such as the International Monetary Fund (IMF) and the World Bank.
The BRICS countries operate as an organization that seeks to further economic cooperation amongst member nations and increase their economic and political standing in the world.
New Members:
Saudi Arabia, Iran, Ethiopia, the United Arab Emirates, and Egypt joined BRICS in 2024.
Indonesia joined the bloc as a full member on January 6, 2025.
The expanded group has a combined population of about 3.5 billion, or 45% of the world's inhabitants.
Combined, members' economies are worth more than $28.5tn - about 28% of the global economy.
With Iran, Saudi Arabia, and UAE as members, BRICS countries produce about 44% of the world's crude oil.
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