Trump’s Return, De-Dollarization, and the Shifting Global Order

by Nato Balavadze

In this paper we discuss:

• The Dollar’s decline as investor confidence erodes;
• China’s strategic de-dollarization;
• How emerging markets are proving resilient amid global turmoil;
• How EM investors are betting on lower rates;
• The ongoing US-China decoupling and EM spillovers; and
• The gold’s comeback given Trump’s tariffs as a turning point in global Trade.

Download PDF: De-Dollarization May 2025