President-elect Donald Trump said he would require countries that are part of BRICS — a China- and Russia-backed group of emerging economies — to commit to not creating new currency or face 100% tariffs during his administration.

Hello, this is Colum Murphy in Beijing, where Donald Trump’s penchant for doing the surprising … well … surprised everyone again this week.

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