In his latest trade-related tirade, President-elect Donald Trump has set his sights on a group of emerging-market countries collectively known as the “BRICS.”

Why are countries trying to move away from the dollar? What has India done so far in this regard? And why is there a risk of Chinese domination if the dependence on the US dollar does go down?

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.