"We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar," Trump wrote, and threatened to retaliate with a 100% tariff.
Michael Pettis, an advocate of rebalancing global trade, wrote Sunday on Bluesky that 'if the US really wants to reduce its trade deficits in order to revive domestic manufacturing and reduce the economy's reliance on household debt and fiscal deficits, by definition this means that foreigners will acquire fewer US assets.'
Pettis, a senior fellow at Carnegie China, further elaborated, 'The US cannot both reduce its trade deficit and increase the global dominance of [the U.S. dollar] because these impose diametrically opposed conditions.'
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