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.

Trump warned BRICS nations of 100% tariffs if they attempt to replace the US dollar. BRICS has sought to reduce dollar reliance, particularly after Western sanctions on Russia, while Brazil's President Lula insists the group will pursue alternative payment platforms despite US threats.