Former President Donald Trump's economic advisers are exploring penalties to discourage nations from reducing their reliance on the US dollar, including export controls, currency manipulation charges, and tariffs.
This move is prompted by concerns over maintaining the dollar's global dominance, particularly amidst efforts by countries like the BRICS members to de-dollarise.
The USD's position as the primary global reserve currency has faced increasing discontent, especially after the US imposed stringent economic sanctions on Russia in 2022.
Discussions around de-dollarisation have gained momentum among nations such as China, Russia, and Iran, advocating for the use of local currencies in international trade settlements.
Trump vehemently opposes countries abandoning the dollar, warning of severe repercussions for the US if it loses its status as the world's reserve currency.