Russia’s Foreign Ministry Spokeswoman Maria Zakharova explained in a briefing why the US dollar dominance is eroding around the world. Without mincing words, she squarely blamed the former President Joe Biden for affecting the global supremacy of the US dollar. His policies in office led to the shrinking of the greenback which is being reflected in the DXY index today.
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Zakharova framed that Joe Biden’s policies were so potently evil, that emerging economies began distancing themselves from the US dollar. She revealed that the previous administration deliberately isolated developing countries from the global financial systems. It includes aggressively pressing sanctions on whoever they deemed unfit as part of their system without taking into consideration the impact of their reckless policies.
Russia’s diplomat said that it was Joe Biden who led developing countries to distance themselves from the US dollar. The financial shift grew larger when Donald Trump took office as the current President imposed sweeping tariffs on 185 countries. The trade wars have rubbed emerging economies the wrong way making them distrust the policies emerging from the White House.
Joe Biden Responsible For the US Dollar’s Decline, Says Russia
Zakharova explained that Joe Biden’s sanctions on Russia in 2022 led other countries to start cutting ties with the US dollar. There is no turning back since then as de-dollarization is only growing bigger since then through new trade policies. Developing countries are rewriting trade deals by favoring payments and settlements in local currencies and not the USD.
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The trend is also being continued in the Trump administration despite his threats of additional tariffs on imports. While Joe Biden’s policies started the US dollar’s downward trajectory, Trump is taking it further with vile aggressive threats. Emerging economies are now united against the US and know how to fight the trade wars.