The Dollar Underpins American Power. Rivals Are Building Workarounds.

U.S. allies, looking to buck American control over international trade, are developing alternate systems that don’t rely on U.S. currency.

The catalyst was the Trump administration’s decision last year to reimpose trade sanctions on Iran after pulling out of the 2015 nuclear-weapons deal. The U.K., Germany and France didn’t support the sanctions, which include a ban on dollar transactions with Iranian banks. So they are fine-tuning a system to enable companies to trade with Iran without using dollars.

Source: https://www.wsj.com/articles/the-dollar-powers-american-dominance-rivals-are-building-workarounds-11559155440?mod=e2tw&fbclid=IwAR2GATkUz2eoMaww5gh4N3cRvScvBB_NUP-oguitscVSLisR8wa81DpIpvY

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