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

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.

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,