Former US President and current presidential candidate Donald Trump has vowed to make it costly for countries to abandon the US dollar in their trade transactions.
“We will impose 100% tariffs on these countries’ goods coming to the United States,” the Republican presidential candidate said at a rally in Wisconsin.
He pointed out that the dollar had been under a major siege for 8 years, and stressed his pledge that he wanted the dollar to remain the global reserve currency.
Options included export controls, currency manipulation fees and tariffs, people familiar with the matter told Bloomberg News earlier.
Trump has embraced protectionist trade policies and has been discussing for months with his economic advisers ways to punish countries that seek ways to engage in bilateral trade in currencies other than the dollar.
In previous months, China, India, Brazil, Russia and South Africa discussed de-dollarization at last year’s BRICS summit.
Although the dollar’s dominance has declined in recent years, it still represents 59% of official foreign exchange reserves in the first quarter of 2024, with the euro in second place at about 20%, according to the International Monetary Fund.
Tomorrow, Tuesday, US presidential candidates Donald Trump and Kamala Harris will stand On the debate stage, each of them defends his political point of view and his program for governing America during the next four years.
Many commentators see the upcoming showdown as one of the most important and exciting presidential debates in decades, given the excitement and change that has gripped the two candidates’ campaigns in recent weeks, including Trump’s survival of an assassination attempt, Harris’ nomination after President Joe Biden’s withdrawal, Trump’s trials, and fears that the legitimacy of the election will be questioned and its results will not be recognized.
Harris is desperate to win voters’ trust after raising the odds of a Democratic victory since Biden’s withdrawal, while Trump is seeking to assert his confidence in victory, despite his conviction for criminal offenses.
