Trump Can’t Stop De-Dollarization
US President-elect Donald Trump has vowed to impose 100% tariffs on countries that shun the greenback. But the myriad benefits of de-dollarization, especially in terms of macroeconomic management and growth, are huge, and will likely outweigh the costs of these retaliatory measures.
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BELFAST – During the US presidential campaign, Donald Trump pledged to make de-dollarization – efforts to reduce global reliance on the greenback – too costly to contemplate, vowing to impose 100% tariffs on countries that shun the currency. But such a move, part of a broader tariff agenda that the president-elect seems determined to enact, would do little to stop the dollar’s demise.