Donald Trump vows to punish nations that abandon US dollar
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Donald Trump vowed on Saturday to impose a 100% tariff on countries that abandon the US dollar in trade, strengthening his protectionist economic stance. Speaking at a rally in Wisconsin, Trump declared, "If you leave the dollar, you're not doing business with the US, because we'll put a 100% tariff on your goods." This move comes after months of discussions between Trump and his advisers about ways to penalize nations that conduct trade using currencies other than the dollar, with possible measures including export controls and currency manipulation charges.
Trump, a longtime advocate of protectionist trade policies, emphasized that the US dollar has been "under major siege" for eight years. He pointed out that countries like China, India, Brazil, Russia, and South Africa have explored de-dollarization in recent summits. Despite the decline in dollar dominance over the years, the US dollar still accounted for 59% of official foreign-exchange reserves in early 2024, with the euro trailing at 20%, according to the International Monetary Fund.
At the rally, Trump reaffirmed his commitment to keeping the dollar as the world's reserve currency. His speech in Wisconsin, a crucial swing state, also aimed at appealing to working-class voters disillusioned with President Biden’s economic policies. According to a recent Bloomberg News/Morning Consult poll, Democratic rival Kamala Harris holds an 8-point lead over Trump in Wisconsin, the largest margin among the seven key battleground states.
This Wisconsin rally concluded a campaign tour that included stops in Pennsylvania, North Carolina, and New York, where Trump gave an economy-focused address and held a press conference.
“If we lose the global reserve currency status of the dollar, we will become a third-world country!”
— S.L. Kanthan (@Kanthan2030) September 7, 2024
— Trump explaining the dangers of US sanctions.
Nobody speaks blunt truth like him. 😆 pic.twitter.com/TVQVSUBYZJ
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