Core Insights - The status of the US dollar as the global reserve currency remains unshaken, but confidence in the dollar and US Treasury bonds is being tested by recent macroeconomic and geopolitical changes [1] - Approximately 30% of respondents have reduced or plan to reduce their holdings in US assets due to recent developments [1] - Geopolitical factors have become a primary consideration for reserve managers, marking the first time in history that this has shifted focus from monetary policy [1] - Nearly three-quarters of respondents identified trade wars as the biggest risk, prompting reserve managers to prepare for various strategies from foreign exchange hedging to liquidity buffers [1]

Group 1 - The article emphasizes that the recent U.S. tariff increases are ineffective and that the trend of re-globalization is irreversible [1][3] - It discusses the anxiety in the U.S. regarding its declining global dominance, which has led to current tensions, particularly in the context of U.S.-China relations [3][4] - The article highlights that the U.S. has shifted from multilateralism to a more transactional approach, which reveals a lack of strategic coherence [3][4] Group 2 - It points out that the U.S. manufacturing sector's decline is not solely due to trade agreements but is a result of a deep transformation of American capital over the past 40 years [4][5] - The article notes that while the U.S. continues to produce high-end and advanced technology products, these sectors are capital-intensive and cannot replace the jobs lost in labor-intensive manufacturing [4][5] - It mentions that emerging economies are increasingly seeking alternatives to the U.S. dollar for trade, particularly in the context of regional trade agreements [5][6] Group 3 - The article concludes that the U.S.-China trade dispute reflects a broader historical trend towards multipolarity and diversification of global reserve currencies [5][6] - It asserts that the world is not experiencing de-globalization but is instead advancing re-globalization under new conditions and rules [5][6]