Former President Donald Trump says the US is losing influence on the global stage as more countries distance themselves from the dollar.
In a new interview on the All-In Podcast YouTube channel, Trump explains how tariffs give the US an edge over other countries.
He highlights that tariffs can mitigate the growing trend of de-dollarization or the process of reducing reliance on the US dollar in global trade.
“I happen to be a big believer in tariffs because I think tariffs give you two things. They give you economic gain but they also give you political gain.
If a country is out of control and something having nothing to do with economics or having nothing to do with money coming in or money going out but other things that are very political because there are a lot of other things involved in countries, you have tremendous power over a country.
Now, not everybody can say that, but we can because we are the big piggy bank. But our piggy bank is going to get smaller and smaller all the time because we are losing power. We are losing a lot of countries on the dollar. They are going like flies. If we ever lose that, that’s the equivalent of losing a war.
That would really make us third-world. We have lost so many countries.”
It can be assumed that Trump meant “dropping like flies” in his comments.
Trump goes on to name countries that are either no longer on the dollar or exploring other currencies including Russia, Ukraine, China, Iran and Saudi Arabia.
“This is a tragedy. This is a big thing that’s happening against our country and we cannot let that happen.”
In May of 2023, reports emerged that Russia and Islamic nations had talked about creating an independent financial system to move away from the dollar. A month later, banking behemoth JPMorgan warned that the trend of de-dollarization was gaining steam as central banks around the world were unloading their US dollar holdings.
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