Donald Trump’s fresh 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 looks likely to dominate the world economy for the foreseeable future and emerging nations’ idea of setting up their own single currency is “hot air,

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 is the global reserve currency and there is no sign of that changing. People use it because it’s in their interest to do so. No one forces them. There is simply no currency out there in the world that can replace it in terms of volume or liquidity. It’s not even close.