A growing number of major economies have recently criticized the status of the U.S. dollar as the primary currency for global trade, leaving experts to fear long-term danger for U.S. dollar dominance.
Several countries expressed a strong desire to change the global reserve currency at the Brazil, Russia, India, China and South Africa (BRICS) summit last week, threatening current U.S. dollar dominance. While the global reserve currency is not going to change overnight, the future of the dollar as a global reserve currency could be endangered if U.S. adversaries can coordinate effectively, and the U.S. does not take appropriate action, experts told the Daily Caller News Foundation.
“The US is absolutely in danger of losing global reserve currency status,” E.J. Antoni, a research fellow at the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, told the DCNF. “The threat has increased because the Biden administration has devalued the dollar by an astonishing 16% and also weaponized the dollar abroad.”