CNN
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President-elect Donald Trump said he would require BRICS countries – a group of emerging economies backed by China and Russia – to commit not to create a new currency or face 100 percent tariffs during his term.

“The idea that the BRICS countries are trying to move away from the dollar while we watch is OVER. We require these countries to commit to neither creating a new BRICS currency nor supporting any other currency to replace the mighty US dollar, otherwise they will face 100 percent tariffs and should expect to refrain from selling to the wonderful US economy,” Trump posted on Truth Social on Saturday afternoon.

Since 2011, the BRICS countries have included Brazil, Russia, India, China and South Africa. Earlier this year, Iran, Saudi Arabia, the United Arab Emirates, Ethiopia and Egypt officially joined – the first expansion in over a decade. Thirty-four countries have expressed interest in joining the bloc of major emerging economies, South African Foreign Minister Naledi Pandor said in February.

The head of state of one member country, Brazil’s Luiz Inácio Lula da Silva, proposed the creation of a common currency in South America in 2023 to reduce dependence on the US dollar.

Using BRICS currencies and banking networks outside the US dollar-denominated system could allow member countries such as Russia, China and Iran to circumvent Western sanctions. However, due to the alliance’s economic and geopolitical differences, the chances of a new currency are likely to be slim.

The expanding group is valuable to China as it seeks to forge closer partnerships with key players to challenge the United States’ global leadership. And it is also a boon for Russia, which was shunned economically and diplomatically by the West after its 2022 invasion of Ukraine. This year, Russia took over the rotating chairmanship of the group.

During a BRICS summit in October, Russian President Vladimir Putin and Chinese leader Xi Jinping sought to convey the message that the West was isolated in the world, while a “global majority” of countries supported their attempt to challenge U.S. global leadership to challenge.

Trump’s latest economic threat comes just days after he promised massive increases in tariffs on goods from Mexico, Canada and China starting on the first day of his term. The move, Trump said, was in retaliation for illegal immigration and “crime and drugs” coming across the border.

Since that announcement, Trump spoke with Mexican President Claudia Sheinbaum for the first time following the tariff announcement, but they gave conflicting statements about the call. Meanwhile, Canadian Prime Minister Justin Trudeau traveled to Trump’s Mar-a-Lago estate in Florida to meet with the president. Trudeau said Friday’s dinner with Trump was “an excellent conversation,” and the president-elect called it a “very productive meeting.”

CNN’s Simone McCarthy, Robert Ilich and Kit Maher contributed to this report.