Trump has made clear he will use tariffs — many of which he can enact without Congress’ approval — to an unprecedented degree as a bludgeon against allies and rivals alike to achieve domestic and foreign policy goals. Rising inflation as tariffs result in higher prices on imports such as cars, electronics, food, and clothing.

President-elect Donald Trump said he would require countries that are part of BRICS — a China- and Russia-backed group of emerging economies — to commit to not creating new currency or face 100% tariffs during his administration.

President-elect Donald Trump railed on social media over the weekend against a group of emerging economies for their attempts to circumvent the dollar. While markets mostly took Trump's words in stride,

Donald Trump’s threat to hit Mexico with tariffs could raise prices on a surprising number of foods and drinks Americans love — from beer to berries to broccoli.

His threat was directed at countries in the so-called BRIC alliance, which consists of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates.

The president-elect’s threat to hit Canada, Mexico and China with new tariffs is already rocking business and diplomatic relationships and could topple the trade pacts he signed in his first term.

The BRICS alliance is a bloc of nine countries that in recent years looked to reduce dependence on the U.S. dollar.

Officials, including Russian President Vladimir Putin, Chinese President Xi Jinping and Egyptian President Abdel Fattah al-Sisi, are seen through television cameras during a plenary session in the outreach/BRICS Plus format at the BRICS summit in Kazan,

The US can't reduce its trade deficit and increase the global dominance of the dollar at the same time, said an economist.

The president-elect's threat comes just days after he threatened big tariffs on Mexico, Canada and China. Experts warn of higher prices.