Donald Trump, the former president of the United States, has expressed concern that the country is losing its global influence as more nations move away from the use of the dollar. During an interview on the All-In Podcast YouTube channel, Trump emphasized the advantages of tariffs, stating that they provide both economic and political benefits. He highlighted the role of tariffs in mitigating the trend of de-dollarization, which involves reducing reliance on the US dollar in global trade.

Trump emphasized the power that tariffs provide, particularly in exerting political influence over other countries. He voiced his belief that the US, as a major economic force, has the ability to leverage tariffs for political purposes. However, he also acknowledged that the US is losing power as more countries distance themselves from the dollar, which could have significant implications for the country’s global standing.

He warned that if the US continues to lose countries that rely on the dollar, it could have disastrous consequences and likened it to losing a war. Trump mentioned several countries, including Russia, Ukraine, China, Iran, and Saudi Arabia, as examples of nations that are either no longer using the dollar or considering alternative currencies.

Reports in May of 2023 suggested that Russia and Islamic nations had discussed the creation of an independent financial system to move away from the dollar. Additionally, JPMorgan, a major banking institution, issued a warning about the increasing trend of de-dollarization, noting that central banks worldwide were reducing their US dollar holdings.

The concern expressed by Trump reflects a broader shift in global economic dynamics, with implications for the US and its role in international trade. The move away from the dollar by various countries has raised concerns about the potential impact on the US economy and its global influence.