The Price Of Trump's Bullying: A Retaliatory Attack On The Greenback?
POTUS Donald Trump may have pressed the pause button on the implementation of a cataclysmic, sledgehammer tariff hike against most countries of the world—except China—in the name of discouraging imports and 'Making America Great Again" (MAGA). However, this should not be misconstrued as him smoking the peace pipe with them. His bullying and stomping tactics in geopolitics, as well as global trade, are likely to continue for the duration of his term. Other nations, too, are unlikely to take it lying down. The riposte may take several forms, including a potentially deadly strike against the greenback.
The first such attempt to dethrone the US dollar as the world's sole international reference currency came in 1973, at the height of the first oil shock, when the Eurodollar and petrodollar blocs joined hands to dump millions of tranches of 35-dollar claims on the US government—each tranche demanding an ounce of gold in return.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
39 minutes ago
- New Indian Express
National Guard troops sent by Trump to quell immigration protests reach Los Angeles
LOS ANGELES: Hundreds of National Guard troops took up positions in Los Angeles Sunday on US President Donald Trump's orders, a rare deployment against the state governor's wishes after sometimes violent protests against immigration enforcement raids. The US military said 300 soldiers from the 79th Infantry Brigade Combat Team had been sent to three separate locations in the greater Los Angeles area, and were "conducting safety and protection of federal property & personnel." Helmeted troops in camouflage gear and carrying automatic weapons could be seen in front of a federal complex -- including a detention center -- with the phrase "Our City" spray-painted on it in downtown Los Angeles. The deployment overrode the protests of local officials, an extraordinary move not seen in decades and deemed "purposefully inflammatory" by California Governor Gavin Newsom. It came ahead of more planned protests in the city, which has a large Latino population, including a call by organizers for a "mass mobilization" at City Hall at 2:00 pm local time (2100 GMT). "Trump is sending 2,000 National Guard troops into LA County -- not to meet an unmet need, but to manufacture a crisis," Newsom posted on X Sunday.
Time of India
an hour ago
- Time of India
Money, mining and marine parks: The big issues at UN ocean summit
UN Ocean Conference to start in Nice, France (AP) NICE: France is hosting world leaders this week to confront what the United Nations calls a global "emergency" in the oceans but what is expected, and can the summit make a difference? There is pressure on the UN Ocean Conference starting Monday in Nice to show that countries can unite and deliver more than just talk for the world's ailing and neglected seas. Plundered parks Several countries are expected to announce the creation of new marine conservation zones within their national waters, though how protected they really are will come under scrutiny. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Some countries impose next to no rules on what is forbidden or permitted in marine zones. France and other EU states, for example, allow bottom trawling, a damaging fishing practice, in protected waters. This means just three percent of oceans are considered truly safe from exploitation, far short of a global target to place 30 percent under conservation by 2030. High seas Key to achieving this goal is enacting the high seas treaty , a landmark global pact signed in 2023 to protect marine life in the vast open waters beyond national control. France had pinned success at Nice on delivering the 60 ratifications necessary to bring the treaty into force, saying the conference would be a failure without it. But it could not get the required number, drumming up roughly half ahead of the summit. Those outstanding will be pushed to explain when they intend to do so. Uncharted waters France will be leading diplomatic efforts in Nice to rope more countries into supporting a moratorium on deep-sea mining, a contentious practice opposed by 33 nations so far. Bolstering those numbers would send a rebuke to US President Donald Trump, who wants to allow seabed mining in international waters despite concerns over how little is understood about life at these depths. But it would also carry weight ahead of a closely watched meeting in July of the International Seabed Authority, which is haggling over global rules to govern the nascent deep-sea mining sector. Actions not words At the summit's close, nations will adopt a pre-agreed political statement that recognises the crisis facing oceans, and the global need to better protect them. Critics slammed the language in the eight-page document as weak or in the case of fossil fuels missing altogether, but others cautioned against reading into it too much. "The end declaration from here isn't really the only output. It's much more important, actually, what governments commit to, and what they come here to say on an individual basis," said Peter Haugan, policy director at the Institute of Marine Research in Norway. Money matters The conference is not a COP summit or a UN treaty negotiation, and any decisions made between June 9 and 13 in Nice are voluntary and not legally binding. But countries will still be expected to put money on the table in Nice to plug a massive shortfall in funding for ocean conservation, said Pauli Merriman at WWF International. "What we lack what we still lack is the ambition, the financing and the delivery needed to close the gap," she told reporters. "It's not enough for governments to show up to Nice with good intentions."
Mint
2 hours ago
- Mint
LA protests: Trump blames ‘paid troublemakers' for chaos, praises deployment of 2,000 National Guard troops
ensions are escalating in Los Angeles as President Donald Trump orders the deployment of 2,000 National Guard troops in response to mass protests sparked by sweeping immigration raids. The federal crackdown comes after ICE agents arrested hundreds of undocumented immigrants across the city, triggering unrest and sharp opposition from state and local leaders. As both sides dig in, here's what we know so far: President Donald Trump signed a memorandum ordering 2,000 National Guard troops to Los Angeles to respond to what the White House called 'lawlessness' during protests against immigration raids. The protests erupted after US Immigration and Customs Enforcement (ICE) conducted widespread raids, detaining 118 undocumented individuals in LA — part of a nationwide effort that saw 2,000 arrests per day. On Truth Social, Trump praised the National Guard and called Governor Gavin Newsom and Mayor Karen Bass 'incompetent,' accusing them of failing to control the situation and dragging their feet on permitting issues. Thousands of demonstrators gathered near federal buildings and ICE facilities. Flash-bang grenades and tear gas were used to disperse crowds. Clashes were reported in downtown LA andthe suburb of Paramount. Trump announced that 'masks will not be allowed' at protests, questioning what demonstrators 'have to hide.' The proposed ban is already drawing legal scrutiny. Newsom condemned the deployment as 'purposefully inflammatory' and said it risked escalating tensions. He pledged to increase California Highway Patrol presence instead of relying on federal troops. Mayor Karen Bass said the troop deployment was 'completely unnecessary' and warned it could provoke unrest. She emphasised that LA is capable of managing protests on its own. Defense Secretary Pete Hegseth warned that if violence continues, Marines from Camp Pendleton could be mobilised. He described the protests as 'violent mob assaults.' LAPD and federal officials confirmed dozens of arrests across downtown LA for violating dispersal orders and impeding law enforcement. Charges are pending.
