Donald Trump’s 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.

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.

The US can't reduce its trade deficit and increase the global dominance of the dollar at the same time, said an economist.