Donald Trump Unleashes 100% Tariff Threat on Nations Moving Away from the Dollar
Trump's 100% Tariff Threat
Donald Trump pledged on Saturday to make it too costly for countries to shift away from using the US dollar, adding a new pillar to his tariff platform. You leave the dollar and you’re not doing business with the United States because we are going to put a 100% tariff on your goods, the Republican presidential nominee said at a rally in Wisconsin.
Impact on Global Currencies
The statement follows discussions on ways to penalize nations engaging in trade using currencies like the rupee or yuan. Trump has argued the dollar has been under major siege for years as he pledges to maintain its status as the world's reserve currency.
Current Statistics
- The US dollar accounted for 59% of foreign-exchange reserves as of Q1 2024.
- The euro followed with almost 20% share.
Election Context
In Wisconsin, where Trump's rally took place, the race against Kamala Harris is tight, with recent polls showing Harris leading by 8 points. Both candidates are vying for working-class votes, emphasizing economic policies as pivotal.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.