Trump reveals strategy to halt de-dollarization
Former US President Donald Trump has pledged to implement 100% tariffs on countries that reject the US dollar in international trade. Read Full Article at RT.com.
TroibNews 
The US presidential candidate has vowed to implement 100% tariffs on nations attempting to replace the dollar in international trade.
Republican presidential nominee Donald Trump has asserted that abandoning the US dollar will be highly detrimental to foreign countries pursuing this course, indicating they will encounter unprecedented import taxes for engaging in non-dollar transactions.
Addressing his supporters during a campaign rally in Wisconsin on Saturday, the former president committed to preserving the dollar's status as the world's reserve currency, stating that it is “under major siege” as more countries explore alternative methods for conducting trade.
“You leave the dollar and you’re not doing business with the US, because we are going to put a 100% tariff on your goods,” Trump asserted.
A notable shift towards utilizing national currencies instead of the dollar has gained traction since the extensive economic sanctions imposed on Russia by the US and its allies following the escalation of the Ukrainian conflict in February 2022. Excluded from the Western financial system, Moscow has sought alternative settlement options, prompting some of Russia’s foreign partners to follow.
Last week, Russian President Vladimir Putin stated that Russia was not actively pursuing a de-dollarization policy, but was compelled to explore other options after facing unprecedented actions, such as the exclusion of Russia's central bank from dollar transactions, a prohibition on the transfer of US banknotes into the country, and the freezing of Russia's forex reserves.
According to Putin, Moscow and its BRICS partners are now conducting 65% of mutual trade settlements in national currencies.
Meanwhile, members of the Association of Southeast Asian Nations are set to discuss transitioning to local currency settlements instead of relying on the US dollar, euro, yen, and pound sterling. The combined GDP of this economic bloc, which includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, is reported to be $4 trillion.
Last week, the presidential candidate also promised to significantly reduce the use of sanctions by the US if he is reelected in November. Speaking at the Economic Club of New York, Trump acknowledged that the restrictions imposed by the US on other nations are harming the dollar.
Jessica Kline contributed to this report for TROIB News
Republican presidential nominee Donald Trump has asserted that abandoning the US dollar will be highly detrimental to foreign countries pursuing this course, indicating they will encounter unprecedented import taxes for engaging in non-dollar transactions.
Addressing his supporters during a campaign rally in Wisconsin on Saturday, the former president committed to preserving the dollar's status as the world's reserve currency, stating that it is “under major siege” as more countries explore alternative methods for conducting trade.
“You leave the dollar and you’re not doing business with the US, because we are going to put a 100% tariff on your goods,” Trump asserted.
A notable shift towards utilizing national currencies instead of the dollar has gained traction since the extensive economic sanctions imposed on Russia by the US and its allies following the escalation of the Ukrainian conflict in February 2022. Excluded from the Western financial system, Moscow has sought alternative settlement options, prompting some of Russia’s foreign partners to follow.
Last week, Russian President Vladimir Putin stated that Russia was not actively pursuing a de-dollarization policy, but was compelled to explore other options after facing unprecedented actions, such as the exclusion of Russia's central bank from dollar transactions, a prohibition on the transfer of US banknotes into the country, and the freezing of Russia's forex reserves.
According to Putin, Moscow and its BRICS partners are now conducting 65% of mutual trade settlements in national currencies.
Meanwhile, members of the Association of Southeast Asian Nations are set to discuss transitioning to local currency settlements instead of relying on the US dollar, euro, yen, and pound sterling. The combined GDP of this economic bloc, which includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, is reported to be $4 trillion.
Last week, the presidential candidate also promised to significantly reduce the use of sanctions by the US if he is reelected in November. Speaking at the Economic Club of New York, Trump acknowledged that the restrictions imposed by the US on other nations are harming the dollar.
Jessica Kline contributed to this report for TROIB News
