"The dollar is a global currency because American policies and institutions have historically been more reliable than those of most other countries. If MAGA economists think this is a problem, then their boss has a ready-made solution. By imposing tariffs that violate international treaties, speculating about the invasion of allies like Canada and Denmark (to take over Greenland), ignoring court rulings, and threatening to seek a constitutionally prohibited third term, Trump is making the US more like weak-currency, high-inflation countries.

The world’s reaction to Trump’s “Liberation Day” tariffs was unambiguous: the dollar lost nearly 7% of its value against the euro while the yield on ten-year Treasuries rose by almost half a percentage point. The currencies of emerging and developing countries also plunged, because higher tariffs and a slowing world economy dim their growth prospects.

It is not easy to devise a policy that hurts almost everyone, but MAGA economists have managed this feat. If the global dollar goes down the drain as a result, it will have many mourners."

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