- If enacted, the former president’s threat to smack 100% tariffs on countries that “leave” the U.S. dollar would be a “lose-lose” situation for the U.S. and China, says GROW Investment Group’s Hao Hong.
- Earlier this year, Trump had floated the idea of imposing tariffs of 60% or more on all Chinese goods if he wins a second term.
Republican presidential nominee Donald Trump’s threat to slap countries that shun the U.S. dollar with 100% tariffs is a “lose-lose” situation for both America and China, according to GROW Investment Group partner and chief economist Hao Hong.
During a rally in Wisconsin on Saturday local time, the former president promised that he would push to keep the U.S. dollar as the world’s reserve currency, if elected in November.
“Many countries are leaving the dollar. They not going to leave the dollar with me. I’ll say, you leave the dollar, you’re not doing business with the United States because we’re going to put 100% tariff on your goods,” he said.
The campaign promise is aimed at protecting the hegemony of the U.S. dollar in global financial markets and would present strong retaliation to those trying to unsettle it, Hong told CNBC’s “Street Signs Asia” on Monday.
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