US elections: Trump pledges 100% tariff for countries that shun dollar

Options have included export controls, currency manipulation charges and tariffs, people familiar with the matter have previously told Bloomberg News. 

Trump, who has long embraced protectionist trade policies, said the dollar has been “under major siege” for eight years. China, India, Brazil, Russia and South Africa discussed de-dollarisation at a summit last year. By contrast, Trump has said he wants the dollar to remain the world’s reserve currency, a pledge he renewed at Saturday’s rally.

While dollar dominance has lessened in recent decades, the US currency still accounted for 59 per cent of official foreign-exchange reserves in the first quarter of 2024, with the euro second at almost 20 per cent, according to the International Monetary Fund.

Wisconsin is one of the most critical swing states in the race between Trump and Democratic rival Kamala Harris. The two are fighting for the support of the state’s working-class voters, uneasy with President Joe Biden’s economic agenda and drawn to Trump’s populist appeals.

A Bloomberg News/Morning Consult poll released last week showed Harris leading in Wisconsin by 8 percentage points, the largest lead over Trump she has among the seven battleground states in the poll.

Trump’s Wisconsin rally caps off a campaign swing that included Pennsylvania and North Carolina, as well as a stop in his hometown of New York City where he delivered an economy-focused address and held a press conference.

Harris spent Saturday in Pennsylvania preparing for a Tuesday debate with Trump, the next big test that could change the course of the close race.

First Published: Sep 08 2024 | 7:29 AM IST