Trump on Saturday demanded that BRICS member countries commit to not creating a new currency or supporting another currency that would replace the United States dollar, saying they would otherwise face 100% tariffs. (Reporting by Reuters; Writing by Anastasia Teterevleva; Editing by Mark Trevelyan)

Kremlin spokesperson Dmitry Peskov said the dollar was losing its appeal as a reserve currency for many countries, and the trend was gathering pace

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.

U.S. President-elect Donald Trump on Saturday demanded that BRICS member countries commit to not creating a new currency or supporting another currency that would replace the United States dollar or face 100% tariffs.

Despite calls from BRICS countries to adopt an alternate currency, the dollar is in no “immediate danger,” analysts said.