Donald Trump’s fresh pressure on countries around the world to stay anchored to a US-dollar-based financial system is a tactic that risks backfiring, market watchers say.

The dollar was rising after U.S. President-elect Donald Trump threatened to impose 100% tariffs against so-called BRICS countries if they create a new currency to rival the dollar. This alliance includes Brazil,

Kremlin spokesman Dmitry Peskov, commenting on U.S. President-elect Donald Trump's threat to impose tariffs on BRICS countries if they create their own currency, said on Monday that any U.S. attempt to compel countries to use the dollar would backfire.