The de-dollarization agenda went into top gear after Trump left office accelerating under the Biden’s presidency between 2020 to 2024. Ending reliance on the US dollar was the talk of the town as developing countries rewrote trade policies at the drop of a hat. The agenda had almost peaked in 2023 to 2024 with various countries discussing the initiative at their respective summits.

At one point, the financial world felt a tectonic shift from the West to the East as local currencies reigned. All of these dominated the previous presidency, and now the same de-dollarization agenda is moving in reverse gear under Trump. All it took was six months for Trump to reverse course and get things back on track under America’s reign.

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Trump Corrects Course Where Biden Went Wrong on De-Dollarization

Under the Biden administration, White House Press Secretary Karine Jean-Pierre had said that the US will not stop other countries from choosing their partners to trade with. They did nothing to stop the growing discontent against the USD and turned a blind eye when emerging economies began settling payments in local currencies. Trump is doing the opposite of Biden by interfering in all the de-dollarization matters kick-started by developing countries.

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He’s threatened countries with dire financial consequences if they move away from the US dollar. While Biden ignored the de-dollarization started by other countries, Trump is holding them by the collar and threatening them with a fist pump. Several countries have bent the knee to the president and reduced import duties on the US. Many others are reaching out to the White House for talks that benefit both countries.

In conclusion, de-dollarization under Biden had sharp claws, and under Trump, the claws are being dented. Of course, they are still clawing back, but the seriousness is minimal, as a dented claw does not cause damage.