Donald Trump has threatened to impose a 100% tariff on countries that trade using currencies other than the U.S. dollar, adding a new element to his tariff-based agenda. Trump, a long-time proponent of protectionist trade policies, claimed the dollar has been "under major siege" for the past eight years. Nations like China, India, Brazil, Russia, and South Africa discussed de-dollarization during a summit last year. In contrast, Trump reiterated his desire to maintain the dollar as the world’s reserve currency, reaffirming this commitment at a rally on Saturday.

Although the dollar’s dominance has declined in recent decades, it still made up 59% of official foreign exchange reserves in Q1 2024, with the euro in second place at nearly 20%.