Despite the China-backed initiative making limited progress, dozens of nations are still eager to join.US President Donald Trump is doubling down against the BRICS bloc of fast-growing economies -- including Brazil,

President Donald Trump threatened to add a 10% tariff rate on BRICS-aligned countries. The term first applied to 4 countries but the group expanded.

India is trying to shield itself from President Donald Trump’s backlash against BRICS by stressing it has no plans to challenge the US dollar’s global dominance, according to people familiar with the matter.

BRICS, formed in 2009, is the only major international group of which the US is not a part. Its other members are South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.

Donald Trump has threatened an additional 10 per cent tariff on countries that align themselves with the Bric alliance. The US President described moving towards the emerging bloc as "anti-American" and warned there would be no exception to the rule.

President Donald Trump proposed a new 10% tariff on any product from countries that are part of the BRICS bloc, chucking a fiery new grenade into the global economy as the July 9 trade deadline moves closer.

It’s almost as if tariffs are the new sanctions. Consider Trump’s announcement Wednesday that Brazil will face 50 percent tariffs. He made that threat in part because he’s upset about how the current Brazilian government is treating former Brazilian President JAIR BOLSONARO,