Trade War Monitor, Sept. 8: The Dollar Dives, a New Reality Dawns
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The first half of 2025 has been brutal for the U.S. dollar, which is reeling from what many are calling its “worst six months in modern history.” The cause? A potent combination of President Donald Trump’s renewed obsession with “reciprocal tariffs” and a deepening crisis of confidence in America’s fiscal and monetary stewardship.
But as the greenback wobbles, Beijing isn’t just watching — it’s acting. Chinese financial institutions are seizing the moment to accelerate the internationalization of the renminbi, a long-term project now fueled by a rare geopolitical opportunity.
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- First half of 2025：
- The U.S. dollar experienced its worst six months in modern history, tumbling significantly against major currencies including the euro, pound, and yuan.
- September 3, 2025：
- The Trump administration filed a petition with the Supreme Court to appeal the federal appeals court's ruling that reciprocal tariffs were unlawful.
- September 4, 2025：
- China imposed steep anti-dumping duties of up to 78.2% on certain U.S.-made fiber optic products.
- September 8, 2025：
- The Vietnamese government enacted a decree to use subsidies to integrate more industries into domestic supply chains, aiming to reduce reliance on imports.
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