Donald Trump is a force to be reckoned with in the current US presidential campaign. The former US president’s strong and bold opinions have overtaken the world. In particular, Trump’s stance on the US dollar has been grabbing mainstream attention lately.
His latest comments on adopting a tariff strategy to bolster the US dollar may jeopardize the global de-dollarization agenda, with BRICS and ASEAN nations taking the most heat in this global battle for currency dominance.
Here are the five ASEAN nations that may suffer if Trump is elected as the president of the United States again.
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5 ASEAN Nations To Suffer The Most If Trump Is Elected As US President
ASEAN nations have long been encouraging the de-dollarization narrative. The alliance was busy curating plans to ditch its reliance on the US dollar by conducting trade in local currencies.
However, the idea of such nations ditching the USD in the long haul may soon be jeopardized if Donald Trump becomes the US president again.
In his latest rally, Trump vowed to levy 100% tariffs on countries that are moving away from the US dollar. Trump’s latest strategy was introduced after several discussions with US economic experts.
“You leave the dollar, and you’re not doing business with the United States because we are going to put a 100 percent tariff on your goods.”
The former US president later said the dollar has been under “major siege” for the last eight years.
These five countries are at the most risk if Trump becomes the president of the US again:
- Malaysia
- Singapore
- The Philippines
- Indonesia
- Thailand
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Why Will These Countries Suffer?
ASEAN nations have actively expressed their intent to move away from the dollar. They have also been reportedly working on drafting their payment systems to bolster local currency usage instead of USDs.
Malaysian PM Anwar Ibrahim met with Chinese PM Xi Jinping to discuss dropping US dollar usage. The row leaders also discussed launching the Asian monetary fund to weaken the USD dollar’s strength in the long haul.
In one of the ASEAN reports, Joko Widodo, the president of Indonesia, urged the bloc to use local bank credit cards instead of dollars when conducting transactions involving USD.
“Indonesian President Joko Widodo urged regional administrations to start using credit cards. The ones issued by local banks and gradually stop using foreign payment systems.” The report said
At the same time, these five nations were active participants in the cross-border payment system strategy. The system is currently under construction and intends to use local currencies in regional trade.
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