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.

MOSCOW (Reuters) -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.

President-elect Trump on Saturday threatened the developing countries known the the BRICS bloc with "100% tariffs" if they try to move away or replace the dollar.