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

The BRICS alliance is a bloc of nine countries that in recent years looked to reduce dependence on the U.S. dollar.

Officials, including Russian President Vladimir Putin, Chinese President Xi Jinping and Egyptian President Abdel Fattah al-Sisi, are seen through television cameras during a plenary session in the outreach/BRICS Plus format at the BRICS summit in Kazan,