...I think most especially in the emerging countries felt that US (the Biden administration) was bullying by weaponising economic sanctions and the Swift payment system.
...now we see here Trump is bent on weaponising Tariffs to punish not just China but any country including allies that do not use the dollar or do not trade with the US.
...this is a terrible development for global trade even if Trump does not live up to his words. Because his threat alone alienates other nations which will progressively lose trust in USA, they may continue using the dollar not because they want to but because they have to...which means, given an opportunity they (emerging economies) would worm their way out...and the longer term outcome would be a sad story for the dollar. This only gives ample opportunity for China and BRICs to court more nations into the other side of a bipolar world disorder.
...the one with the biggest worry should be India, which is playing both sides. If Donald Trump wants to make countries choose which side they want to be in by applying punitive measures aka Bullying, it would backfire big time on America.
...Kamala Harris may be a worry for the US economy, but Donald Trump will be a big worry for the global economy. And the world is in no win situation.
Trump pledges 100pc tariff for countries that shun the US dollar
Bloomberg
Donald Trump pledged on Saturday (Sunday AEST) to make it too costly for countries to shift away from using the US dollar, adding a new pillar to his tariff platform.
“You leave the dollar, and you’re not doing business with the United States because we are going to put a 100 per cent tariff on your goods,” the Republican presidential nominee said at a rally in the battleground state of Wisconsin.
The statement follows months of discussions between Trump and his economic advisers on ways to penalise allies or adversaries who seek active ways to engage in bilateral trade in currencies other than the dollar.
Options have included export controls, currency manipulation charges and tariffs, people familiar with the matter have previously said.
Trump, who has long embraced protectionist trade policies, said the dollar has been “under major siege” for eight years. China, India, Brazil, Russia and South Africa discussed de-dollarisation at a summit last year. By contrast, Trump wants the dollar to remain the world’s reserve currency, a pledge he renewed at Saturday’s rally.
While dollar dominance has lessened in recent decades, the US currency still accounted for 59 per cent of official foreign-exchange reserves in the first quarter of 2024, with the euro second at almost 20 per cent, according to the International Monetary Fund.
