Brics is "more relevant than ever" and a "multilateral approach ... for the limitations of the rules-based multilateral trade system", Brazilian Foreign Minister Mauro Vieira said on Tuesday as the South American country prepares to host the bloc's summit in July.

By bnl Sao Paulo bureau Brasilia hosted the first BRICS Sherpas meeting under the Brazilian Presidency on February 24-25, bringing together representatives from all 11 member countries at the Itamaraty Palace,

US President Donald Trump has repeatedly warned BRICS nations against attempts to challenge the dominance of the US dollar with an alternative global reserve currency

US President Donald Trump on Thursday claimed that the BRICS nations have "broken up", days after he threatened them with 100 per cent tariffs if they tried to seek an alternative for the US dollar.

Trump believes that tariffs could fend off importing foreign goods, which is damaging the economy. His tariffs will create what he calls a “ring around the US economy” to discourage imports and boost domestic production.