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Geopolitical Economy Report
Trump's threat to punish countries that drop US dollar will speed up de-dollarization
Sep 14, 2024
Ben Norton, a journalist specializing in geopolitics, dives into Trump’s threat to impose tariffs on countries that abandon the US dollar. He discusses how such actions could fast-track global de-dollarization, prompting nations to align with alternatives like BRICS. The conversation also covers China's growing influence, the rise of local currencies, and the implications of these shifts for US imperialism and trade dynamics. With the dollar’s role as a 'public good' questioned, the landscape of international finance faces a transformative overhaul.
29:45
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Quick takeaways
- Trump's threats of tariffs against countries abandoning the dollar signal a desperate attempt to control de-dollarization efforts globally.
- The expansion of BRICS and their New Development Bank highlights a strategic shift towards a multipolar economy, reducing reliance on the US dollar.
Deep dives
The U.S. Dollar Under Threat
The U.S. dollar is facing significant challenges as many countries seek alternatives for international trade. This trend, often referred to as de-dollarization, reflects a growing resistance against reliance on the dollar, prompting reactions from U.S. politicians. For example, former President Donald Trump has threatened to impose 100% tariffs on countries that move away from the dollar, indicating a willingness to use punitive measures to maintain its dominance. Such actions point to a structural crisis in the dollar system and highlight the urgency that some politicians feel as they witness the dollar's waning influence in global markets.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode