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

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,

U.S. stock futures were pointing to small losses on the first trading day of December. After a strong November, talk of tariffs is likely to be in focus ahead of key jobs data later in the week. Dow Jones Industrial Average futures were down 96 points,

President-elect Donald Trump’s promise to impose stiff tariffs against America’s three biggest trading partners is widely expected to push prices higher, which would set the stage for the Federal Reserve to stop cutting interest rates and possibly raise them instead.

Donald Trump warned of 100% tariffs on BRICS nations — composed of Brazil, Russia, India, China and South Africa — should they develop a new currency to compete with the U.S. dollar. “The idea that the BRICS countries are trying to move away from the dollar while we stand by and watch is over,

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.

Trump also said: "There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America."

The president-elect's threat comes just days after he threatened big tariffs on Mexico, Canada and China. Experts warn of higher prices.

President-elect Donald Trump is threatening 100% tariffs against a bloc of nine nations if they act to undermine the U.S. dollar