This is caused by the network effect, where the US dollar, despite its many flaws, remains the preferred currency worldwide. Especially in recent years, the interest rate hikes have restored a significant amount of credibility to the dollar.

Interestingly, the stronger the dollar, the worse the manufacturing sector in the United States becomes; it's a seesaw effect.

Does Trump really intend to devalue the dollar? Or is he just preparing to build tariff barriers?

Take an extreme example: what would happen if the US imposed a 50% tariff?

First, the US government would not be short on money. Secondly, the overall global trade volume would likely decline, and a global recession would be inevitable.

But what about the US itself? It would also have to go through a serious recession.

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