The Kremlin said on Monday that any U.S. attempt to compel countries to use the dollar would backfire after U.S. President-elect Donald Trump threatened to impose tariffs on BRICS countries if they created their own currency.

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,

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.