This week the Financial Times ran a major article headlined “Is the world losing faith in the almighty US dollar?” The answer, in the wake of the fall in the dollar’s value in the midst of the turmoil unleashed by Trump’s tariff war was that it is.

At first, it was just a quiet murmur in relatively isolated sections of the financial press. Today, however, the voices are growing louder: the US dollar could lose its role as the world’s global currency amid the breakdown of all the arrangements and mechanisms of the post-war period under the impact of the US economic war against the world initiated by President Trump.