Former US President Donald Trump has warned that the US losing a currency war against China would be like the US losing a world war. “We will be a second tier country,” Trump warned, adding that the US dollar is “what makes us powerful and strong.”
Donald Trump on the US-China currency war
Former President Donald Trump warned in an interview with Fox News on Wednesday that pushing much of the world off the dollar standard by China would be the equivalent of the United States losing a world war.
“Iran meets Saudi Arabia through China. And China is taking over… And I’ve heard a couple of people say, ‘Well, we’ll never lose a standard dollar.’ are you kidding? she said she, elaborating:
China wants to change the pattern, the pattern of the currency. And if that happens, it’s like losing a world war. We will be a second-tier country.
In addition, the former US president explained that Western countries have already lost Brazil to Chinese influence and are about to lose Colombia within their own hemisphere. He further mentioned that Iran and Russia have already sided with China.
Trump proceeded to comment on France’s relationship with China and a recent meeting between French President Emmanuel Macron and Chinese President Xi Jinping, reiterating:
What is happening? We are losing. If we lose our currency, that’s the equivalent of losing a world war. Our currency is what makes us powerful and strong.
The former president insisted that if Macron had made his overtures to China while in the White House, he would have contacted the French president and threatened him with economic consequences, such as limiting the import of French wine as a sanction.
According to Trump, all countries are difficult to deal with because they want to take advantage of the US. “Everyone is difficult because all countries rip us off. But France in particular is very difficult,” he stated.
The former US president revealed that he personally contacted the French by phone and threatened to impose 100% tariffs on champagne in response to France’s plan to tax US companies. “I got a call 15 minutes later,” Trump shared, adding that the French told him: “We have decided that we are not going to charge American companies.” However, the former president pointed out: “But you know what happened once I left, now they are charging you.”
Last week, Trump warned that China is trying to replace the US dollar as the number one currency worldwide and predicted that, under a Biden administration, they will “probably” succeed. “This would be the biggest defeat for our country in its history,” he stressed.
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