The beginning of the end for the dollar’s dominance can probably be traced back to 2001, with the terrorist attacks on September 11th. After that the US began to impose hefty fines on banks overseas for money-laundering and sanctions avoidance. Since then, Trump has taken financial warfare to a new level, using sanctions against Iran, North Korea, Russia and Venezuela. Then there has been his trade war with China. This has seen not only tariffs placed on Chinese goods but legal assaults involving companies such as Huawei, whom he has accused of espionage, and whose CFO was arrested in Canada in 2018 (on behalf of the US) for alleged ‘fraud related to sanctions against Iran’.
