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.

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.

Kremlin spokesman Dmitry Peskov, commenting on U.S. President-elect Donald Trump's threat to impose tariffs on BRICS countries if they create their own currency, said on Monday that any U.S. attempt to compel countries to use the dollar would backfire.

President-elect Donald Trump railed on social media over the weekend against a group of emerging economies for their attempts to circumvent the dollar. While markets mostly took Trump's words in stride,

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,