President Donald Trump’s threat to impose new tariffs on India over its participation in the BRICS forum puts New Delhi in a tough position as it races to finalize a favorable trade deal with the US.

Trump accused the BRICS alliance of trying to undermine the US dollar's global dominance, threatening consequences, including 10 per cent tariff on India. He asserted the dollar's importance and vowed to maintain its status.

The remarks came just a day after the US leader said he was close to finalizing a trade deal that New Delhi hopes would give it reprieve from 26 per cent reciprocal tariffs