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?

Trump's threat to impose 100% tariff on BRICS nations won't worry Indian policymakers, given that it has consistently denied any interest in replacement of US dollar as global currency.

The proposed tariffs would remain until those nations commit to not backing a new currency to replace the dollar, Trump said.

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.

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,

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.

The BRICS alliance is a bloc of nine countries that in recent years looked to reduce dependence on the U.S. dollar.