The bruising trade battle with China over economic, military, and technological supremacy could play out over many years with far-reaching implications. One of the most notable developments is the use of currency as a tool of foreign policy. The ubiquity of the U.S. dollar has played a major role in global commerce. Though China has surpassed the U.S. in share of global GDP, the U.S. dollar dominates commodity pricing and accounts for more than 60% of international debt and 40% of cross-border transactions.
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