In a recent interview, former President Donald Trump, who is also a current Republican candidate for the US presidency, voiced strong opposition to the trend of countries moving away from the US dollar. Trump stated, "I hate when countries go off the dollar... I would not allow countries to go off the dollar because when we lose that standard, that will be like losing a revolutionary war. That will be a hit to our country." This statement underscores Trump's concern about the dollar's status as the world's reserve currency and its critical role in maintaining US economic stability and global influence.
Donald Trump's comments against the de-dollarization efforts by BRICS and other global south countries mark a significant stance by a Western leader on this issue. Trump has vocally criticized the trend, warning that the U.S. is losing influence as more countries move away from the dollar.
Economic advisers to former President Donald Trump are considering various strategies to discourage countries from moving away from the U.S. dollar, a process known as de-dollarization. The potential measures include implementing tariffs, imposing export controls, and charging countries with currency manipulation. These steps aim to maintain the dollar's dominance in global trade and finance, which Trump and his advisers view as crucial for U.S. economic stability and influence.
This move is partly in response to actions taken by countries like Russia and the BRICS nations, which have been considering or implementing measures to reduce their reliance on the dollar. The BRICS nations, for example, have discussed de-dollarization to enhance their economic autonomy and reduce exposure to U.S. financial policies.
Trump's comments also highlight his belief that current policies under President Joe Biden are weakening the dollar's global standing, which he equates to losing a significant war. Trump has emphasized the need for a stable dollar and criticized any interventionist policies that might undermine this stability.
Trump has expressed his concern over the increasing trend of countries moving away from the U.S. dollar, stating that they are "dropping the U.S. dollar like flies." He emphasized the gravity of the situation, suggesting that losing the dollar's dominant position in global trade would be akin to "losing a war."