Trump threatened the trade bloc with 100-percent tariffs should it attempt to create its own form of currency to undermine the U.S. dollar.

The BRIC alliance — consisting of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates — has been looking to reduce dependency on the dollar as the countries tire of U.S. dominance over the global financial system, according to CNBC .

While China could offset American tariffs by letting its currency fall, that might endanger Beijing’s recent efforts to stabilize the economy.