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

US President-elect Donald Trump has threatened to impose 100% tariffs on a bloc of nine nations if they were to create a rival currency to the US dollar. "The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,

While China could offset American tariffs by letting its currency fall, that might endanger Beijing’s recent efforts to stabilize the economy.