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【世界说】国际经济学家:关税大棒“砸中”美元霸权根基 七根支柱现“裂痕”
Sou Hu Cai Jing·2025-09-01 08:38

Core Viewpoint - The article discusses how the policies of the Trump administration are undermining the foundational elements of U.S. financial hegemony, particularly the status of the dollar as the world's primary reserve currency [1][3]. Group 1: Economic Stability - The Trump administration's policies, such as the "Big and Beautiful" plan, lack corresponding spending controls, leading to an expected increase in national debt by trillions of dollars, which heightens default risks and undermines investor confidence [4][5]. Group 2: Financial Market Liquidity - The sustainability of U.S. debt is being compromised by current government policies, which threatens the deep liquidity of financial markets necessary for accommodating cross-border capital flows [4][5]. Group 3: Central Bank Independence - The independence of the Federal Reserve is being challenged by public pressure from the Trump administration, which demands significant interest rate cuts and even suggests personnel changes within the Fed [4][5]. Group 4: Legal and Judicial Integrity - Actions such as unilateral sanctions against foreign companies and freezing foreign assets in the U.S. are damaging the credibility of U.S. policies and its image of rule of law [5]. Group 5: Global Cooperation and Trade - The imposition of high tariffs on allies by the Trump administration undermines the dollar's status as a global public good and detracts from constructive global leadership and multilateral engagement [5][7]. Group 6: Shift in Reserve Management - Concerns over the "Big and Beautiful" plan are prompting U.S. allies to seek alternative reserve options, with many central banks accelerating the adjustment of their reserve structures towards assets like gold [7].