Ex President Donald Trump In an interview with Fox News’ Tucker Carlson, he warned that China’s ability to push most of the world off the dollar would be equivalent to the US losing a world war.
Since the end of World War II—and some believe since the Industrial Revolution—the U.S. dollar has been the dominant currency around the world. But the Chinese now want to make the yuan more powerful.
Doing so could depress the value of the dollar in other countries’ treasuries and the value of U.S. T-bonds, critics argue.
“Iran communicates with Saudi Arabia through China. And China will take over.” Trump told “Tucker Carlson Tonight.” In an interview that aired Wednesday.
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“And China — I’ve heard a couple of people say, ‘Well, we’re never going to lose the one-dollar standard.’
Trump says the West has lost Brazil and Colombia is losing influence in its own hemisphere to China. Iran and Russia are already in China’s corner, he added.
Trump also noted that French leaders have met with President Xi Jinping in recent days.
“What’s going on? We’re losing money. If we lose our money – it’s like losing a world war. Our money is what makes us powerful and strong,” he said.
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“And that was unthinkable under the Trump administration.”
Trump said. When French President Emmanuel Macron was in the White House, he met China by phone and threatened economic consequences, such as imposing fines on French wine imports.
Former White House adviser Stephen Bannon and Treasury Secretary Steven Mnuchin were very competent negotiators but were unable to strike a deal with the French, he said.
“France is very difficult. I tell you. They are all difficult because every country is taking us away. But France is very difficult,” he said.
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Instead, Trump personally spoke on the phone to the French saying he would impose a 100 percent tariff on champagne, saying that Paris would threaten American companies with taxes, saying that American wine was fine.
“[Then] 15 minutes later I got a call: ‘We have decided not to pay the American companies’ – but once I left you know what happened, now they are paying. [under Joe Biden].”