The economic advisers of former US President Donald Trump are already developing measures to prevent other countries from refusing to use the dollar.
What is known about Trump's plan to fight against the rejection of US dollar
It is noted that among the discussed options is the introduction of fines for partner countries and adversaries who are actively seeking ways to abandon the dollar in favour of other currencies in their trade and settlements.
Sanctions are also proposed to extend to export controls, currency manipulation fees and tariffs.
The verbal reaction to the dominance of the dollar in the world financial system gained momentum in 2022, when the United States led efforts to introduce tough economic sanctions against Russia, the publication said.
What is known about concerns in the US regarding the situation with the dollar
The authors of the publication emphasize that this week, President Joe Biden signed a law that gives him the authority to confiscate the dollar assets of the Russian Federation to provide aid to Ukraine.
Many Republican lawmakers have expressed concerns about the measure, fearing it would undermine the US role in the global financial system.
Brazil, Russia, India, China and South Africa, collectively known as the BRICS countries, discussed de-dollarization at a summit last August. The group is gaining global influence after inviting key oil-producing nations Saudi Arabia and the United Arab Emirates, among others, to expand this year. Now Saudi Arabia and the UAE are tying their currencies to the dollar, the journalists explain.
According to the media, Trump's advisers advise not to allow countries to implement these efforts.
For his part, Trump has said publicly and privately that he wants the dollar to remain the world's reserve currency.
I hate it when countries abandon the dollar. I would not allow countries to abandon the dollar because when we lose that standard it will be like losing a revolutionary war. This will be a blow to our country, warns Trump.
