US President-elect Donald Trump. (REUTERS)

Trump wrote on his social media platform, Truth Social, that “We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful US Economy.”

Brazil, Russia, India, and China formed BRIC in 2009 with their first summit in Russia. The group has since grown to include South Africa, Iran, Egypt, Ethiopia, and the UAE.

They discussed boosting non-dollar transactions and strengthening local currencies at a summit held in Russia's Kazan in October. A joint declaration for the "strengthening of correspondent banking networks within BRICS and enabling settlements in local currencies in line with BRICS Cross-Border Payments Initiative" was secured at the summit.