In a bold move, U.S. President Donald Trump has announced plans to impose tariffs on China, India, and Brazil, accusing these nations of harming America's economy. Trump's "America First" approach includes slapping hefty tariffs on countries that seek to enrich themselves at the expense of U.

Despite the threat of a trade war with the U.S., economists and analysts tell CNBC that this will not stop BRICS from expanding.

Trump has threatened still more tariffs, proposing 25% on goods from Mexico and Canada, an additional 10% on China and 25% on Colombia after that country initially refused deportation flights from the U.