New York Times: “One of the noteworthy things about ongoing defeats in financial markets is the fact that the dollar is also falling. That’s not usually how it works. In seizures of volatility, the dollar tends to act as a heaven for investors.”
“The move also overturns one of the main arguments that Trump’s economic advisers have long promoted why tariffs are not inflation. They argued that tariffs will help increase the value of the dollar and offset the effects of rising prices. Exceptionalism.”
economist: “Looking all this, it’s reasonable to worry that if Trump lifts the drawbridge, the role of the dollar in the global financial system is at stake. American rivals and allies have long been asking to go out of Sam’s reach, whether they develop new payment rails or agree to agree to invoice transactions in other currencies.”
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