Donald Trump calls for 100% tariffs against nations looking to drop the US dollar–a move of desperation that, at best, delays the inevitable–but at worst, could accelerate it.
CNBC reported the following:
Trump’s vow of 100% tariffs on nations that snub the dollar is a lose-lose for China and U.S., economist says
September 9, 2024
Republican presidential nominee Donald Trump’s threat to slap countries that shun the U.S. dollar with 100% tariffs is a “lose-lose” situation for both America and China, according to GROW Investment Group partner and chief economist Hao Hong.
During a rally in Wisconsin on Saturday local time, the former president promised that he would push to keep the U.S. dollar as the world’s reserve currency, if elected in November.
“Many countries are leaving the dollar. They not going to leave the dollar with me. I’ll say, you leave the dollar, you’re not doing business with the United States because we’re going to put 100% tariff on your goods,” he said.
The campaign promise is aimed at protecting the hegemony of the U.S. dollar in global financial markets and would present strong retaliation to those trying to unsettle it, Hong told CNBC’s “Street Signs Asia” on Monday.
“The U.S. dollar is a sort of privilege that the U.S. economy has been enjoying, and it’s sort of a liquidity tax on the rest of the globe, so I’m not surprised to see this kind of threat,” Hong said.
The U.S. dollar remains dominant in global forex reserves even though its share in central banks’ foreign exchange reserves has dropped from more than 70% in 1999, IMF data shows. …
“Because the Chinese export sector has been so competitive, it’s been a driving force in lowering global inflation,” Hong said.
“If you put a 100% tariff on Chinese exports, for example, one could only imagine how high the U.S. inflation is going to go,” he said, adding that much of the U.S.’s trade deficit would shift to allies like Mexico and Canada. https://www.cnbc.com/2024/09/09/economist-calls-trumps-threat-to-tariff-countries-that-shun-the-dollar-a-lose-lose.html
International trading currencies have changed over the centuries.
Since the early 1800s, the British pound sterling dominated international trade until it was replaced by the US dollar last century.
While it is good that Donald Trump realizes that de-dollarization is going on and it is a major risk to the US economy, his proposal would not fix this. Instead, his comment is publicizing that the US dollar is at risk and his proposal to fix it is an act of desperation that is likely against international trade agreements that the US is part of. Although Donald Trump’s threats will likely have some impact on places like China, and hence perhaps temporarily delay some of the de-dollarization, it still will happen.
Furthermore, it is US debt, its bullying use of its “soft power,” as well as sanctions and restrictions it has imposed that has gotten more countries to look to bypass the US dollar in international trade.
Consider also the following from RT:
Trump unveils plan to stop de-dollarization
September 9, 2024
Republican presidential nominee Donald Trump has claimed that dumping the US dollar will be extremely costly for foreign countries which pursue the policy, adding that they will face unprecedented import taxes for pursuing non-dollar trade.
Speaking to his supporters during a campaign rally in Wisconsin on Saturday, the former US president pledged to maintain the status of the greenback as the world’s reserve currency, emphasizing that it is “under major siege” as a growing number of states have been turning to other ways of settling trades.
“You leave the dollar and you’re not doing business with the US, because we are going to put a 100% tariff on your goods” Trump said.
A broad trend towards using national currencies instead of the greenback has gained momentum following the massive economic restrictions introduced against Russia by the US and its allies … After being cut off from the Western financial system, Moscow has turned to alternative options for settlement, with some of Russia’s foreign partners following suit.
Last week, Russian President Vladimir Putin said that Russia hadn’t been pursuing a de-dollarization policy, but was forced to look for other options after a series of unprecedented measures, including Russia’s central bank being cut off from dollar transactions, a ban on the transfer of US banknotes to the country, and the freezing of the country’s forex reserves.
According to Putin, Moscow and its BRICS partners are now using national currencies in 65% of mutual trade settlements.
Members of the Association of Southeast Asian Nations (ASEAN) have been planning to discuss a shift to settlements in local currencies instead of the US dollar, euro, yen and pound sterling. The combined GDP of the economic bloc, which includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, reportedly amounts to $4 trillion.
Last week, the presidential candidate pledged to substantially reduce the use of sanctions by Washington if he is reelected in November. Speaking at the Economic Club of New York, Trump acknowledged that the curbs imposed by the US on other states are damaging for the dollar. https://www.rt.com/news/603700-trump-stop-de-dollarisation-tariffs/
It is good that Donald Trump realizes that US sanctions (which his last Administration were involved with) and policies have pushed nations to look into de-dollarization. And that de-dollarization has been occurring in Asia and elsewhere.
Six years ago, we warned about sanctions and the US dollar in the following video on our Bible News Prophecy YouTube channel:
US Sanctions and Tariffs leading to New World Order?
Russian Prime Minister Dmitry Medvedev said new US sanctions would be a declaration of economic war. Iran, North Korea, China, Europe, and Turkey are also upset about USA sanctions and tariffs. A Turk asserted “Somebody must find a solution and stop the USA.” The BRICS nations see US sanctions and tariffs as helpful to their objectives to trade without the USA. Are “unintended consequences” of USA policies threatening the current Anglo-American world order and leading to a New World Order? What has ‘Lord’ Jacob Rothschild and Russian President Vladimir Putin stated? Does Bible prophecy show that a confederation of Turks, Arabs, and Europeans pose a real threat to the USA and UK? Is the final time of the Gentiles coming? Will it be worse than people imagine? Dr. Thiel addresses these issues and more.
Here is a link to our video: US Sanctions and Tariffs leading to New World Order?
That said, consider also that part of the purpose of Europe coming up with its euro late last century was so it could bypass the US dollar for much of European trade. That has happened already, but presumably that would not be something that Donald Trump would try to impose 100% tariffs on.
The reality is that nations and groups of nations tend to try to function in ways that they feel are in their best interest. If the US dollar trade is not one of them, they are under no obligation to trade in US dollars. And while the US does not necessarily have to import from them, there will be an inflationary cost to the US for these type of tariff policies.
As far as other information about the US dollar and the current Anglo-American dominated financial order, we have the following in our free online book Lost Tribes and Prophecies: What will happen to Australia, the British Isles, Canada, Europe, New Zealand and the United States of America?:
The Bible warns about silver becoming “dross” (Isaiah 1:22; Ezekiel 22:18-22) and says to reverse it once it happens (Proverbs 25:4a; Isaiah 1:25). But the Anglo-American nations have not done that, their old silver coins are now dross (made/filled with cheaper materials) and their massive debts have made dross out of their fiat currencies (currencies that are not tied to gold or some other hard asset).
Furthermore, the “U.S. is highly vulnerable to loss of confidence by foreign creditors.”[i] U.S. government debt is “extremely vulnerable to foreign attack because of the high percentage of foreign ownership — almost 40% of the market.”[ii]
Interestingly, in the past, one foreign creditor, China, has raised concerns about the U.S. debt that are so serious, that its potential dumping of that debt has been called China’s “nuclear option”[iii] against the U.S.A.—an option that involves no military intervention, but that could greatly harm the U.S.A.
Many have complained about the U.S.A. “weaponizing” its dollar through sanctions, bank restrictions, and other means.[iv] By doing so, the U.S.A. has inadvertently been building up a coalition to push aside the dollar—and this will happen when the timing is considered to be better. European leaders have been working for years to establish a new reserve currency for the world, partially with the intent to remove the U.S. dollar from its position as the world’s primary reserve currency. The fact that Europe would develop its own currency, as well as for that purpose, was predicted by Church of God writers no later than 1971[v] –which is over two decades before the euro was officially agreed to.
Those in Iran and some of the Arab lands, along with nations such as Brazil, China, and India have discussed plans for the removal of the dominance of the U.S.A. in global trade as well. The former (again current) President of Brazil, Luiz Inácio Lula da Silva, even claimed that eliminating the U.S. dollar’s reserve currency status was one of the reasons that the BRICS alliance (Brazil, Russia, India, China, and South Africa) was formed in the first place. [vi] Others have noted that bypassing the USA dollar is still an object of BRICS—and officially BRICS nations “are currently working on setting up a new global reserve currency,”[vii] which may have gold-backing.[viii] The expansion of BRICS (which is in progress[ix]) may ultimately even hurt Australian trade as well as “severely weaken primacy of the US Dollar as an international currency.”[x]
The Bible clearly warns against cheapening the money supply and encourages having money hold its value (Proverbs 25:4 Isaiah 1:25, Ezekiel 22:18-22). Debt is also warned against (Habakkuk 2:6-8). Yet policies enacted under the Obama, Trump, and Biden Administrations, following certain other administrations, have ignored these warnings.
Destruction is coming.
However, the relationship between debt accumulation and prophesied destruction remains unapparent to many. Because there is a time lag, many ignore that there will be real consequences (cf. Ecclesiastes 8:11; Habakkuk 2:3,6-8). Yet, massive increases of debt are utterly dangerous.
When the time comes that the Federal Reserve is no longer able to keep interest rates low enough, the U.S.A. will continue past the point of no return. That will become one of the final factors that will cause creditors to rise up and destroy the U.S.A.
The Economy
While pushing biblically immoral ideas and massively accumulating debt are bad for the real economy, it should be noted that economies vary. A modern reality is that being the world’s de facto reserve currency has helped prolong the U.S.A.’s dominance.
When the U.S. dollar is no longer the world’s reserve currency, this will hurt the U.S.A. financially. Increasing debt, including “quantitative easing,” is a form of dishonest profits that is not something that God approves of and will correctively punish the U.S.A. for (cf. Ezekiel 22:13-16).
Inflation will eventually hit the U.S.A. extremely hard. As the world becomes less attached to the American dollar, many financial jobs and opportunities will be in places other than the U.S.A. Eventually, but not yet, the U.S.A. dollar will become worthless (worth no more than the scrap or sentimental value of the cotton-paper it is printed on). The same will basically happen to the British pound, as well as the Australian, Canadian, and New Zealand dollars.
Will it always be straight downhill for the economy of the U.S.A. or its British-descended allies?
No.
There are some reasons to have some temporary optimism. The U.S.A. has a wide diversity of agricultural, manufacturing, extraction (mining/pumping) and other industries as do its British-descended allies. In addition, technological and other developments may temporarily support the U.S. economy—as can reductions of regulatory burdens.
As far as delays to the end of the U.S.A. and its British-descended allies go, consider something that was told to a king who was prophesied to lose his kingdom:
27 Therefore, O king, let my advice be acceptable to you; break off your sins by being righteous, and your iniquities by showing mercy to the poor. Perhaps there may be a lengthening of your prosperity. (Daniel 4:27)
Repentance can prolong prosperity, but promotion of sin leads to destruction. However, it is not expected top U.S.A. leaders nor those of its British-descended allies will push for scriptural national repentance.
The Bottom Line
Like many politicians, many American and British-descended ones do not meet the following leadership criteria:
21 Moreover you shall select from all the people able men, such as fear God, men of truth, hating covetousness; (Exodus 18:21)
3 The God of Israel said, The Rock of Israel spoke to me: ‘He who rules over men must be just, Ruling in the fear of God. (2 Samuel 23:3)
This does not bode well for the U.S.A. nor its British-descended allies.
Furthermore, the Bible warns against the type of moral decline that is occurring in those nations:
12 Therefore thus says the Holy One of Israel: “Because you despise this word, And trust in oppression and perversity, And rely on them, 13 Therefore this iniquity shall be to you Like a breach ready to fall, A bulge in a high wall, Whose breaking comes suddenly, in an instant. (Isaiah 30:12-13)
But how can this happen to the U.S.A. and its British-descended allies? It will likely happen with a combination of events.
Notice:
5 “Moreover the multitude of your foes Shall be like fine dust, And the multitude of the terrible ones Like chaff that passes away; Yes, it shall be in an instant, suddenly. 6 You will be punished by the Lord of hosts with thunder and earthquake and great noise, With storm and tempest and the flame of devouring fire. (Isaiah 29:5-6)
Disaster will come suddenly, as in an instant.
The debt situation of the U.S.A. is putting it at risk of being unable to recover should it be hit by weather problems, terrorist acts, war, riots, solar flares, severe earthquakes, civil unrest, “terror within” (Deuteronomy 32:25), devastation of their genetically-modified food supplies, food shortages, and/or various pestilences–an intensity of “sorrows” such as Jesus discussed in Matthew 24:4-8 leading up to the time of the Great Tribulation. Political issues, climate change, trade policies, communication’s deals, and other events are pushing the U.S.A. to a position that will encourage its takeover someday.
The Bible warns that God will “hurl disasters” against some descended from Israel (Deuteronomy 32:23, NJB) who “provoke” God (Deuteronomy 32:21-22, NKJV). Disasters, especially if there is an ElectroMagnetic Pulse (EMP) attack, a severe solar flare storm, devastating hurricane (s) something like a massive volcanic eruption and/or massive earthquake could be part of a so-called “perfect storm” of events that could set up the U.S.A. for destruction.
Consider the devastation of New Orleans by Hurricane Katrina. Multiply that by other disasters. The U.S.A. is at risk. Notice, also, the following related to Dr. Michio Kaku’s assessment of Yellowstone:
Scientists assure us that one day the absolutely massive Yellowstone supervolcano will once again experience a Category 8 eruption, and if it happened today it would “literally tear the guts out of the United States of America” … “Instead of having 50 states of the Union, we would have 30 states of the Union.” [xi]
Even something lessor than that at Yellowstone or the Cascades or elsewhere could have devastating consequences. A ‘perfect storm’ of disasters, internal strife, and misplaced confidences will help make the U.S.A. a nation that can be defeated. Without the U.S.A., its British-descended allies simply do not have the military ability to hold off major military powers.
Many sorrows that the U.S.A. and its British-descended allies will face, like severe weather problems, diseases and earthquakes, will worsen in the future (Amos 4:7-10; Luke 21:11). The political leadership in those lands looks to hasten the day of destruction.
The end of the Anglo-American dominated world order of the past two or so centuries is coming to an end.
[i] Rickards J. Axis of Gold. The Daily Reckoning, December 20, 2016
[ii] Ibid
[iii] Gertz B, China Debt Threat. Washington Times, March 2, 2011
[iv] Jayakumar V. The weaponization of finance threatens the future of the dollar standard. The Hill, March 1, 2022
[v] Hogberg G. Rising World Colossus. Plain Truth magazine, May 1971
[vi] Escobar P. BRICS was created as a tool of attack: Lula. Asia Times, August 28, 2019
[vii] BRICS developing new global reserve currency – Putin. RT, June 22, 2022
[viii] Helms K. Economists Discuss Russia, China Potentially Developing Gold-Backed Currency. BRICS Information Portal, November 11, 2022
[ix] US Responds to Massive BRICS Expansion Effort As Nations Push to Launch Global Currency, Ditch Dollar. Daily Hodl, May 5, 2023
[x] Hunter M. BRICS Is Becoming The Big Kid On The Block: Implications For Australia – Analysis. Eurasia Review, November 1, 2022
[xi] Snyder M. As Yellowstone Awakens, Dr. Michio Kaku Warns That It Could “Literally Tear The Guts Out Of The United States Of America”. Economic Collapse Blog, February 2019
Yes, the end of the Anglo-American order is coming.
Delays are possible, but only national repentance, which is not expected, can stop what will happen.
However, personal repentance is possible and, although some physical steps can be wise, it is turning to God that all need to do.
As I have written for years, the time will come when the US dollar is worth no more than the scrap or sentimental value of the cotton-paper it is printed on.
Tariffs will not stop that.
Some items of possibly related interest may include:
The End of US Dollar Dominance Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan.
Physical Preparation Scriptures for Christians. We all know the Bible prophecies famines. Should we do something? Here is a version in the Spanish language Escrituras sobre Preparación física para los Cristianos. Here is a link to a related sermon: Physical preparedness for Christians.
Is God Calling You? This booklet discusses topics including calling, election, and selection. If God is calling you, how will you respond? Here is are links to related sermons: Christian Election: Is God Calling YOU? and Predestination and Your Selection; here is a message in Spanish: Me Está Llamando Dios Hoy? A short animation is also available: Is God Calling You?
Christian Repentance Do you know what repentance is? Is it really necessary for salvation? Two related sermons about this are also available: Real Repentance and Real Christian Repentance.
About Baptism Should you be baptized? Could baptism be necessary for salvation? Who should baptize and how should it be done? Here is a link to a related sermon: Let’s Talk About Baptism and Baptism, Infants, Fire, & the Second Death.
The Plain Truth About Gold in Prophecy. How Should a Christian View Gold? What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation/deflation? What do Christians need to know about gold? A video of related interest may be: Germany, Gold, and the US Dollar.
Lost Tribes and Prophecies: What will happen to Australia, the British Isles, Canada, Europe, New Zealand and the United States of America? Where did those people come from? Can you totally rely on DNA? Do you really know what will happen to Europe and the English-speaking peoples? What about the peoples of Africa, Asia, South America, and the islands? This free online book provides scriptural, scientific, historical references, and commentary to address those matters. Here are links to related sermons: Lost tribes, the Bible, and DNA; Lost tribes, prophecies, and identifications; 11 Tribes, 144,000, and Multitudes; Israel, Jeremiah, Tea Tephi, and British Royalty; Gentile European Beast; Royal Succession, Samaria, and Prophecies; Asia, Islands, Latin America, Africa, and Armageddon; When Will the End of the Age Come?; Rise of the Prophesied King of the North; Christian Persecution from the Beast; WWIII and the Coming New World Order; and Woes, WWIV, and the Good News of the Kingdom of God.
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