'If You Leave The Dollar, You're Not Doing Business With Us': Trump Warns Countries Moving Away from US Currency

Donald Trump on Saturday (7 September) vowed to make it too costly for nations to move away from the US dollar, further strengthening his tariff agenda.

“You leave the dollar and you’re not doing business with the United States because we are going to put a 100 per cent tariff on your goods,” the US presidential hopeful said at a rally in Wisconsin.

Trump’s remarks come after months of consultations with his economic advisers on possible punitive measures against countries that engage in bilateral trade using currencies other than the US dollar.

Trump and his advisers have reportedly considered various options, including export restrictions, currency manipulation charges and tariffs to deter countries from moving away from the dollar.

This comes as China, India, Brazil, Russia, and South Africa discussed de-dollarization at a summit last year.

Trump has said he wants to ensure the US dollar continues as the world’s reserve currency, a pledge he renewed at Saturday’s rally.

Despite a gradual decline in dominance of the dollar, the US dollar still made up 59 per cent of global foreign exchange reserves in first quarter of 2024, followed by the euro at close to 20 per cent, according to the International Monetary Fund.

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