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

US President-elect Donald Trump has threatened to impose 100% tariffs on a bloc of nine nations if they were to create a rival currency to the US dollar. "The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,

His threat was directed at countries in the so-called BRIC alliance, which consists of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates.