Donald Trump has drawn a red line over the global status of the U.S. dollar. In a fiery cabinet meeting, the former president vowed to impose a 10% tariff on BRICS nations discussing alternatives to the dollar.

Brazil will play host to a summit of the BRICS bloc of developing economies Sunday and Monday during which pressing topics like Israel's attack on Iran, the humanitarian crisis in Gaza and trade tariffs imposed by U.

Leaders of the BRICS group of emerging economies meeting for their annual summit had hoped to downplay any differences with the U.S. But even a toned down group proclamation drew the ire of President Trump.