Trump had previously threatened tariffs on the BRICS group if they followed through with plans to challenge the supremacy of the U.S. dollar.

The South African rand fell in early trade on Monday as markets reacted to U.S. President Donald Trump's threat to impose additional tariffs on BRICS-aligned countries. Trump said on Sunday in a post on Truth Social that countries aligning themselves with the "anti-American policies" of BRICS will be charged an additional 10% tariff,

President Donald Trump said he would put an additional 10% tariff on any country aligning themselves with “the Anti-American policies of BRICS,” injecting further uncertainty into global trade as the US continues to negotiate levies with many trading partners.