India, July 8 -- US President Donald Trump on Tuesday warned that BRICS nations, including India, would face a 10 per cent tariff if they challenge the dominance of the US dollar, which he called "king."

Taking aim at the bloc, Trump alleged that BRICS was "set up to hurt us, to degenerate our dollar," and added that countries seeking to undermine the dollar would have to "pay a big price."

"They will certainly have to pay 10% if they are in BRICS because BRICS was set up to hurt us, to degenerate our dollar... The Dollar is king. We are going to keep it that way. If people want to challenge it, they can. But they will have to pay a big price. I don't think any of them are going to pay that price," Trump told reporters.(This is a develo...