by Saleha Mohsin, Jennifer Jacobs and Nancy Cook
Yahoo! Finance
Discussions include penalties for allies or adversaries who seek active ways to engage in bilateral trade in currencies other than the dollar — with options including export controls, currency manipulation charges and tariffs, the people said, speaking on the condition of anonymity.
A verbal backlash against the dollar’s dominance in the global financial system gained traction in 2022, when the US led efforts to impose harsh economic sanctions on Russia, a Group of 20 nation. Russia’s central bank, government officials and some 2,500 other targets have had their access to the dollar restricted.