Impact of Dollar Dominance on Global Trade

Dollar dominance is essential, and everything President Trump is doing here, if you look,

the new Venezuela is invoicing in dollars, they're coming back onto the dollar system,

they've been sanctioned, they were not allowed to transact in dollars, and now the dollar

is going to be the centerpiece of their trade.

They were selling discounted oil to China and not getting dollars.

We're seeing in the Iranian negotiations, the Iranians will be invoicing in dollars,

so everything we are doing is pushing the dollar back, it's never left as the centerpiece

for the global currency system, but we're reinforcing it.

I would anticipate when the Russia-Ukraine conflict ends, that Russia will want to come

back in the dollar system, because again, the dollar, it's our liquidity, it's our

capital markets, it's the depth and breadth, everyone wants to be here.

And I think many times, the great thing about the United States is we course correct when

we go too far one way or the other, and I think we should not be shy about flexing where

we have advantages, and where we have advantages to share with our allies, and push back on

those who are not aligned with us.