'It is happening because America’s president wants to dismantle global trade. Should he succeed, the resulting turmoil would be likely to strengthen the dollar again—and for all the wrong reasons. '

China has won the trade war, and so Trump wants to dismantle global trade. Figures-Trump is demonstrably a poor loser.

Only problem for US exceptionalists is what Trump is doing undermines US legacy hegemony and drives other nations closer together.

The subservience and complicity the US has long relied upon from Europe, Japan, Australasia and others is no longer assured. They are all pushed closer to China which already offers superior trade options and has already prepared arguably superior digital trade payments options to US petrodollar/SWIFT hegemony.