From Wikipedia: Reserve currency:
In 2025, after the decision by the Trump administration to impose tariffs as protectionist trade policy, financial institutions began to rethink the role of US Dollar as reserve currency. For example, Ray Attrill, head of FX strategy at National Australia Bank, said, "The whole premise of the dollar as a reserve currency is being challenged, effectively, by what we've seen since Trump's election." George Saravelos at Deutsche Bank also said that “the market is re-assessing the structural attractiveness of the dollar as the world’s global reserve currency, and is undergoing a process of rapid de-dollarisation."
That's from the subsection Major reserve currencies: United States dollar.
When Stephen Miran warned that volatility could become a problem for Trump's tariff policy, "rapid de-dollarisation" is the kind of thing Miran had in mind.
If it becomes a problem, it won't only be a problem for Trump and his policies, but also for the people who live and work and spend money in the US economy. Except the billionaires, of course.
What was it Trump said in the "100 days" interview? "Look, you're trying to say something's gonna happen, Terry. Nothing's gonna happen."
That remains to be seen.
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