Trump is threatening 100% tariffs against a bloc of nine nations including Brazil, Russia, India, China and South Africa if they act to undermine the U.S. dollar.

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.

While China could offset American tariffs by letting its currency fall, that might endanger Beijing’s recent efforts to stabilize the economy.