In the short term, the U.S. can still deploy its dollar power to bully adversaries and allies alike. Few foreign leaders, for instance, agreed with Trump’s decision to withdraw from the nuclear deal with Tehran and impose fresh sanctions on Iran’s economy. Yet even sympathetic countries with strong currencies, like those in the European Union, have been forced to play along with Trump’s counterproductive policies for fear of losing access to U.S. dollars.
https://newrepublic.com/article/156325/end-forever-war-end-dollars-global-dominance
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