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Key Points: Former President Donald Trump pledged to impose a 100% tariff on countries that move away from using the US dollar in global trade to protect its status. The plan follows months of discussions with advisers amid growing de-dollarization efforts by countries like China, India, and Russia. According to Bloomberg, former President Donald Trump said over the weekend that he would slap heavy tariffs on countries moving away from using the US dollar in global trade. Read more: Donald Trump Odds on Polymarket Dominate Thanks to Musk’s Influence Former President Donald Trump Vows 100% Tariffs on Countries Abandoning US Dollar In a rally in Wisconsin, former President Donald Trump, the GOP presidential nominee, leaned into his proposal to cement the dollar’s position as the world’s reserve currency by making an alternative competing currency too expensive for any nation to use: “You leave the dollar and you’re not doing business with the United States because we are going to put a 100% tariff on your goods,” Trump said, doubling down on his pledge for punitive protectionism. The proposal comes after months of discussion between Trump and his economic advisers over how to punish countries, from allies to adversaries, that try to trade in non-dollar currencies. In recent years, countries like China, India, Brazil, Russia, and South Africa have looked for ways to rely less on the dollar, a movement that Trump perceives as one threatening US economic dominance. Trump said the dollar has been “under major siege” during the past eight years and promised to stem the tide. He said keeping the dollar on top in all international markets is one of the most salient features of his manifesto on economic issues. Wisconsin Rally Highlights Key Battleground in 2024 Race The Wisconsin rally comes as former President Donald Trump seeks…

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Filed under: News - @ September 9, 2024 3:20 am