There’s never a dull moment when Trump is in the news, right? The latest is that his economic advisers are discussing ways to actively prevent countries from abandoning the use of the US dollar. This would be an effort to counter moves by major emerging markets to reduce their exposure to the US dollar.
The discussion includes sanctions for those seeking alternative engagements in bilateral trade in currencies other than the U.S. dollar. These sanctions could range from export controls to currency manipulation fees and customs duties.
In March, here’s what Trump told CNBC about the dollar:
“With Biden, you are going to lose the dollar as your standard. It will be like losing the greatest war we have ever lost. I hate when countries abandon the dollar. I would not allow countries to move away from the dollar. because When we lose this standard, it will be like losing a revolutionary war and it will be a big blow to our country.”
Well, he’s not president yet, but it’ll be good to keep that in mind when we get to the November election.
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