The group of emerging economies—including Brazil, Russia, India and China—has long sought to present itself as a multilateral counterweight to a U.S.-dominated world order.

Developing nations participating in the BRICS summit on Monday brushed away an accusation from U.S. President Donald Trump that the bloc is "anti-American," as he threatened them with additional 10% tariffs.

President Donald Trump entered a key week for his trade policy with a warning that countries choosing to align with the “Anti-American” policies of the Brics group of countries will face an extra 10% tariff.