President-elect Donald Trump has threatened to impose 100% tariffs on nine nations in the BRICS alliance—China, Russia, Brazil, India, South Africa, Iran, Egypt, Ethiopia, and the UAE—if they create a rival currency to the US dollar.

Trump warned that these countries must commit to not backing any alternative currency or face severe tariffs on their exports to the US.

Some allies view Trump’s threats as part of a negotiation strategy, using tariffs as leverage, as seen with Mexico and Canada, the BBC has reported.

Trump has previously indicated that such moves are intended to strengthen trade negotiations.

Written by B.C. Begley