China has made no secret of its efforts to build alternative trade payments protocols to the USD/SWIFT protocol via which the US dominates global banking and trade payments.

Those efforts are maturing swiftly and China already provisions trade payments liquidity for Iran, N.Korea and Russia. Saudi Arabia has recently joined Chinas mBridge digital trade payments protocol.

BIS recently abandoned its support for the protocol expressly because it enables nations to evade USD hegemony. https://www.reuters.com/business/finance/bis-leave-cross-border-payments-platform-project-mbridge-2024-10-31/

The petrodollar hegemony faces imminent collapse- and Trumps tariffs risk accelerating the process.

The wealth of nations is significantly dependent upon the power projection capacity of their governments.