If Trump’s policies continue raising the geopolitical risk of holding dollars, other countries may turn to the Russian playbook, opting not just for the yuan but also for the euro.

To preserve America’s financial primacy, Trump must offer the world compelling reasons to remain within the dollar-based system. That means reinforcing U.S. capital markets as the safest and most attractive destination for investment. It means strengthening trade and financial ties with allies while selectively diversifying away from adversaries like China. It also means ensuring that the United States is at the forefront of financial technology so that, as global payments systems evolve, the key networks still run through America.

Most importantly, it requires maintaining America’s reputation as a responsible steward of the international financial system.

the greatest threat to the dollar’s supremacy emanates not from China or Europe but from America’s own political system.