Former U.S. President Donald Trump has admitted that China is pushing to oust the dollar as its reserve currency.In a post on Truth Social, Trump said if this happens, would be the biggest defeat in the past 200 years of U.S. history.
Donald Trump warns about China’s offensive against the U.S. dollar
Donald Trump, former U.S. president, has recognized recent moves that other countries, including China, Russia, and Saudi Arabia, are taking to weaken the dollar’s influence in the labor market. In a post on Truth Social, a social platform founded by Trump, heacknowledged these movesand stated:
China is trying to replace the US dollar as the number one currency in the world. If that happens, and it probably will under Biden’s leadership, this will be the greatest defeat in our country’s history.
Furthermore, Trump said, “If this happens, the United States will fall into second-class status.” He added, “This was unthinkable three years ago.
Trump’s remarks came after he openly criticized President Biden’s economic policies in aspeechhe gave after his arrest in Mar-a-Lago. He condemned the performance of the current administration, stating that the country was “going to hell,” that the economy was “collapsing” and that inflation was “out of control.”
Trump also referred specifically to the U.S. dollar in his speech, saying:
The currency is crashing and will soon cease to be the global standard, the biggest defeat in 200 years. There will be no other defeat like it. As a result, we will not even be a great nation.
China makes its move
China and other countries, including Russia and India, are moving to either support the yuan as an international settlement currency or to make a strong case for using their own currencies for the same purpose. at the March 22 Xi Jinping meeting, Putin said he supports using the yuan for settlements with LATAM, Africa, and emerging Asian countries He stated that he would.
Also, in its new trading guidelines, India introduced a new option to settle international payments in Indian rupees to help countries facing dollar shortages.
According to Aleksandr Babakov, deputy speaker of the State Duma, BRICS, the bloc in which China is present, is also working on a new currency that will be discussed at the next BRICS summit in August.
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