Staying firm, President-elect Donald Trump has vowed to impose 100% tariffs on countries that turn away from the US dollar.
Speaking at a rally in Wisconsin, Trump emphasized that countries that engage in trade with currencies other than the dollar will face severe penalties, aimed at protecting the dollar's global dominance.
His proposal builds on months of discussions with economic advisers, considering tariffs, export controls, and accusations of currency manipulation as tools to protect the US currency.
The push comes as countries such as China, India, Brazil, Russia and South Africa have considered "de-dollarization" to reduce dependence on the US dollar.
Trump reiterated his commitment to ensure the dollar remains the world's reserve currency, despite a decline in its share of global reserves in recent decades.
According to the IMF, the dollar still represents 59% of official foreign exchange reserves, with the euro trailing at 20%.
Trump's stance on protecting the US Dollar as an international reserve was a key component of his campaign, which appealed to working-class voters in battleground states like Wisconsin.
The race against Democratic candidate Kamala Harris remains tight, with recent polls showing Harris ahead by eight points in Wisconsin.
