Economic aides to former US President Donald Trump are looking for options to stop countries from shifting away from the US dollar as it faces a growing challenge from emerging markets, including BRICS nations, Bloomberg reported on Friday.

The presumptive Republican nominee for the November presidential election and his team are discussing penalties against both allies and adversaries who seek to divert their trade from the greenback to other currencies. The options could include export controls, currency manipulation charges, and tariffs, the outlet said, citing people familiar with the matter.

The global trend toward using national currencies in trade instead of the dollar gained significant momentum after Russia was cut off from the Western financial system and had its foreign reserves frozen in 2022, as part of Ukraine-related sanctions.