The de-dollarization movement has seen an increase in the number of supporters over the years. There has been a substantial argument from several countries to move away from the US dollar. The movement away from the greenback has taken particular grip among the BRICS bloc of nations.
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De-Dollarization Setting Up A New Stage
Among the countries propelling the de-dollarization movement, China, Russia, and Iran are among its top advocates.
China is spearheading a new wave of global economics, furthering the de-dollarization agenda. The country has seen a substantial increase in trading partners that use the Chinese Yuan. Economist Jin Keyu highlights that trade invoicing in Yuan has gone up from 0% to 30% in the last 10 years. According to a February report, the People’s Bank Of China has signed bilateral currency swap agreements with more than 40 foreign central banks.
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Iran and Russia’s participation in the de-dollarization movement may be a little different from that of China’s. Both have faced substantial sanctions from Western countries. The move may have pushed the nations to use alternate currencies for trade. If the Western powers ease sanctions, Russia and Iran may begin to use the US dollar once again. But a solution to this goal may not be on the horizon anytime soon.
Trump To Revive the US Dollar
President Trump has taken the de-dollarization movement quite seriously. Trump had said that he would levy 100%-150% tariffs on countries that support the movement away from the dollar. The 47th President has also taken a firm stand against anti-US businesses. The Trump administration could bring the dollar back to its former glory.
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There is also a possibility that tariffs will further alienate other nations. The move could lead to countries flocking to China for support. Eventually, it could cause a spike in Yuan being used for international trade settlements.