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.
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US Dollar Under Siege
- Trump threatens 100% tariffs on countries that leave the dollar to maintain US dominance.
- This aggressive stance reveals the US feels its dollar system is under structural crisis.
BRICS Driving De-dollarization
- BRICS countries lead global de-dollarization by promoting trade in local currencies.
- Brazil, Russia, China, and others actively create alternatives to US dollar dominance.
Major Powers Ditch the Dollar
- China and Brazil swap trade payments in real and yuan, bypassing the dollar.
- Russia and China use local currencies for over 90% of their bilateral trade.