U.S. president Donald Trump has apparently confused Spain for a member of the BRICS bloc of developing economies, causing some head-scratching and jitters over possible tariffs in Madrid.

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

Nigeria has been admitted as a “partner country” of the BRICS bloc of developing economies. BRICS was formed by Brazil, Russia, India and China in 2009, with South Africa added in 2010, as a counterweight to the Group of Seven leading industrialized nations.

Donald Trump's pledge to put costly tariffs on olive oil imports could weaken customer demand Spanish commentators have warned. The US President has pledged to increase tariffs on Spanish goods including wine and olive oil after mistakenly identifying it as a member of the BRICS bloc of developing countries.

After being sworn in as the 47th US President, Donald Trump met reporters in the Oval Office while signing executive orders where he made this erroneous claim.

While signing executive orders in the Oval Office, President Donald Trump was asked by a reporter what “can you expect” from countries in NATO that “spend the least amount,” including France and Spain.