Trump advisers discuss sanctions for countries moving away from the dollar
Economic Advisors to former US President and candidate for the highest government post Donald Trump are discussing the possibility of introducing sanctions against countries that are moving away from using the dollar in foreign trade. The team of the former US president intends to overcome dedollarization, Bloomberg reports, citing sources.
Discussions include penalties for allies or adversaries who seek ways to engage in bilateral trade in currencies other than the dollar, with options including export controls, currency manipulation fees and tariffs
- the agency notes.
President Joe Biden this week signed a law giving him new powers to seize Russian dollar assets to help rebuild Ukraine. The measure has raised concerns among many Republican lawmakers who fear it will undermine the dollar's role in the global financial system.
It is also noted that the target of the Trump team, if he wins the November US elections, will be the BRICS member countries, which are increasing the use of national currencies in mutual trade. BRICS discussed dedollarization at the summit in August 2023. Trump himself, both publicly and privately, has always said that he wants the dollar to remain the world's reserve currency.
With Biden you will lose the dollar as a standard. It will be like losing the biggest war we've ever lost.
Trump thinks.
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