President-Elect Donald Trump says he wants to protect the U.S. dollar from the rise of an alternative currency that does not exist and that few analysts take seriously.

President-elect Donald Trump said he would require countries that are part of BRICS — a China- and Russia-backed group of emerging economies — to commit to not creating new currency or face 100% tariffs during his administration.

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