Is the dominance of the US dollar unravelling under Trump?

By Fabian Pape, Leverhulme Early Career Research Fellow in the School of Social and Political Science, University of Edinburgh
Johannes Petry, CSGR Research Fellow, University of Warwick
Tobias Pforr, Visiting Fellow at the Robert Schuman Centre for Advanced Studies, European University Institute

The US has long sat at the centre of the global financial system, with the US dollar serving as the backbone of the world economy. Private investors rely on the dollar as a store of value in times of uncertainty.

Governments and central banks hold dollars to manage the value of their own currencies and as a form of insurance against economic shocks. Key commodities such as oil are also priced in dollars.

This dominant position, which has given the US enormous privileges including the capacity to borrow money cheaply and the ability to use the global…

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