The 11 emerging nations -- including Brazil, Russia, India, China and South Africa -- account for about half the world's population and 40 percent of global economic output.

The Trump administration's trade policy, marked by aggressive tariff strategies, targets the BRICS nations with a potential 100% ad valorem tariff.

The BRICS bloc of developing economies at their summit in Brazil on Sunday condemned the increase of tariffs and attacks on Iran, but refrained from naming US President Donald Trump.  The group’s declaration,