Amid a temporary lull in the US-Israel conflict with Iran, which was suspended for two weeks on Wednesday to facilitate new diplomatic discussions, the global economy has been in turmoil for over a month. This volatile backdrop has provided Iran and China with a chance to unite against a long-standing grievance – the pervasive influence of the US dollar in the global financial landscape. Their shared objective is to dismantle the dollar’s stranglehold on international trade, a power dynamic they claim Washington has exploited for years to exert control and inflict economic hardship on adversaries and competitors, including themselves. The dollar’s dominance is starkly evident in the global oil market, where approximately 80 percent of transactions are reportedly settled in the currency, as estimated by JPMorgan Chase in 2023.
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