The Kremlin on Friday brushed off a repeat threat by U.S. President Donald Trump to impose tariffs on the BRICS grouping of countries if it created its own currency, saying there was no such plan.

Dmitry Peskov, spokesperson for Kremlin ruler Vladimir Putin, has swiftly denied that the creation of a new common currency is being discussed, following US President Donald Trump’s threat to impose 100% tariffs on BRICS countries if they attempt to establish their own currency to replace the US dollar.

President Donald Trump reiterated his threat of 100% tariffs against BRICS nations, demanding that they pledge not to challenge the U.S. dollar.