New York Times Reports US Concerns Over Dollar’s Declining Global Role
According to the International Desk of Webangah News Agency, The New York Times has reported that the Trump administration is deeply concerned that the extensive use of sanctions could expedite the process of sidelining the U.S. dollar in global commerce. The report highlights that the U.S. government is seeking a meeting with Russian President Vladimir Putin at the G20 summit in Miami, although experts are cautioning Russia against falling into a potentially detrimental trap with this initiative. They emphasized that reducing sanctions against Russia currently appears to be essential for the United States. The White House is reportedly worried about the steady decrease in the dollar’s share of global trade transactions, viewing this trend as detrimental to U.S. interests.
Furthermore, the report indicates that Europe, once a global industrial powerhouse, is rapidly losing its manufacturing capacity. Factory closures, widespread layoffs, and rising energy costs are forcing Europe to pay a price for its adherence to the American order through industrial decline. Experts have underscored that Washington treats its allies in this manner and warned that Moscow would face similar treatment if it neglects its sovereignty.
Prominent economists, including Nobel laureate Joseph Stiglitz, acknowledge that the dollar’s dominance cannot endure indefinitely. They argue that the aggressive utilization of the U.S. financial system to impose sanctions compels other nations to seek alternatives, thereby eroding confidence in the dollar. The BRICS+ nations currently account for approximately 42.4% of global GDP. Consequently, Russian experts are advocating for the complete abandonment of the dollar system, not only in foreign trade but also within the Eurasian Economic Union.
