U.S. warned of backlash over Trump's attempts to stop de-dollarization

Attempts by U.S. President-elect Donald Trump to stop the de-dollarization of the BRICS countries with the help of pressure and threats to impose high duties may have the opposite effect. This was reported on December 2 by Bloomberg agency with reference to experts.

Thus, according to experts' estimates, such tactics of the President-elect pushes countries to jointly seek alternatives to the dollar.

"If Trump increases pressure on the BRICS, it may well accelerate the process of leaving [the countries of the association] from [using] the dollar," - said the financier of National Australia Bank Rodrigo Catril.

For her part, head of fixed income at Avanda Investment Management Sydney Lau pointed out that such a threat by Trump "does not look realistic and the likelihood of it happening is low," but it is "a good reminder that the president-elect wants to keep the U.S. dollar as a reserve currency and is unlikely to actively devalue the dollar."

"It also reinforces our view that tariffs will be consistently used as a threat during his presidency, to accomplish his goals and as a powerful negotiating tool," it said.

In addition, the agency noted that Trump's public promises to increase import duties are increasing volatility in the currency market. Ultimately, according to former U.S. Treasury official and current Council on Foreign Relations Senior Fellow Brad Setser's assessment, this "undermines confidence in the dollar."

"From today, anyone outside the United States who uses the dollar for transactions will perceive it as a yoke imposed on them by the United States", commented Ulrich Leuchtmann, head of currency research at Germany's Commerzbank.

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Earlier, on November 30, Trump said that Washington would impose a duty of 100% on goods from BRICS states if they created their own currency. He demanded that they stop trying to replace the dollar or "say goodbye to sales" in the US. Alexei Pushkov, head of the Federation Council's commission on information policy, called Trump's threat unrealizable.

Kremlin spokesman Dmitry Peskov noted on December 2 that the US dollar is losing its attractiveness for many countries, and Washington will not be able to prevent this process with pressure. This is how he commented on Trump's threat to respond with duties in the case of the creation of the BRICS currency. In addition, Peskov noted that more and more countries are beginning to switch to the use of national currencies in foreign economic activity, and not all of them are members of BRICS.

On November 6, Deputy Head of the Russian Presidential Administration Maxim Oreshkin noted that the BRICS countries will actively use national currencies in settlements.

Trump has repeatedly expressed his intentions to fight for the preservation of the status of the dollar before. In September, he also promised voters to impose 100 percent duties on goods from those countries that would abandon the U.S. currency, and in March he said that dedollarization would be a serious loss for the United States.