The Republican National Committee's Platform Committee New Republican Policy President Trump pledged on Monday to “maintain the U.S. dollar as the global reserve currency” if Republicans win the House, Senate and White House.

As someone who manages hundreds of millions of dollars every day, I have to say this is good news for me, and it should be good news for all Americans.

I say this because the US Dollar is about to be pushed aside and President Joe Biden and the Democrats don't seem to care. We, the American people, will feel the pain if the US Dollar loses its dominance on the world stage.

In recent months, a disturbing trend has emerged on the global economic stage: large nations such as the Kingdom of Saudi Arabia, Brazil and China are actively rejecting the US Dollar in international trade. This shift, as these economic giants increasingly conduct business in other currencies, marks a significant departure from their long-standing dominance as the world's reserve currency. (Related article: Biden uses the dollar as a hammer, but Americans may be the ones who bear the brunt.)

We must face the reality of this situation and consider the significant impact it will have on our nation’s economic stability and geopolitical influence.

For decades, the US Dollar has held an unparalleled position as the primary currency for international trade and finance, a dominance that has given the United States significant economic advantages, including lower borrowing costs and the ability to run trade deficits without immediate negative consequences.

However, recent actions by Saudi Arabia, Brazil and China indicate growing dissatisfaction with the dollar's hegemony and concerted efforts to establish a more multipolar monetary environment.

Saudi Arabia's decision Saudi Arabia's efforts to diversify its trade beyond the dollar are particularly noteworthy and are seen by many as a direct warning to the Biden administration. Historically, the petrodollar system, in which oil was traded in US dollars, has been a cornerstone of American economic policy and a key element of the strategic alliance with Saudi Arabia.

Riyadh's shift not only weakens the petrodollar regime, but also reflects a broader reorientation of Saudi Arabia's economic and geopolitical priorities, increasingly aligning it with China and other non-Western countries.

Meanwhile, Brazil and China have been vocal in their calls for dedollarization. Brazil, under President Lula da Silva, has called for the introduction of a regional South American currency and has pushed for economic independence from the U.S. Meanwhile, China has strategically promoted the use of the yuan in international trade, using its vast economic power to conclude bilateral trade agreements that bypass the dollar.

The impact of these developments on the American people would be severe. First, the loss of the dollar’s ​​primacy could increase borrowing costs for the U.S. government. Losing the dollar’s ​​privileged status would increase the cost of servicing the nation’s debt, potentially necessitating higher taxes and cuts to basic services.

This scenario poses a direct threat to the economic well-being of American families, especially those already struggling with economic uncertainty.

A weaker dollar could encourage foreign investors to seek safe havens for their funds, potentially leading to an outflow of investment from the U.S. This capital flight could stifle economic growth, lead to job losses, and undermine the prosperity Americans have long taken for granted.

Beyond the economic impact, there are geopolitical interests at stake. The dominance of the dollar is a pillar of American global influence. It allows us to impose sanctions on rogue states, support our allies, and project our power around the world.

As more countries move away from the dollar, our ability to use economic levers to achieve our foreign policy objectives weakens. This loss of influence could embolden our adversaries and weaken our position on the world stage.

Adopting a strong, forward-looking strategy is essential to meet this new challenge. We must address the root causes of global disillusionment with the dollar. This includes promoting sound fiscal policies, temporarily reducing the national debt, and restoring confidence in the stability and reliability of the U.S. financial system.

Second, we must revitalize our alliances and strengthen our economic partnerships. Fostering closer ties with both traditional allies and emerging economies can help offset the influence of those who seek to undermine the value of the dollar. (Related article: The never-ending wave of U.S.-led sanctions may be the biggest gift China has ever received)

This will require a nuanced approach combining economic incentives and strategic diplomacy, something President Biden clearly lacks the capacity to plan and execute.

Finally, we must promote domestic innovation and competitiveness. Investing in cutting-edge industries and ensuring that American companies remain at the forefront of global trade will make our economy more resilient and less vulnerable to external shocks.

The disdain for the US dollar by Saudi Arabia, Brazil and China is a stark reminder that we cannot become complacent, and that this is the outcome when America shows weakness on the world stage.

As Americans, we must rise to this situation and advocate for policies and politicians that will protect our economic future and reassert our leadership on the world stage. The stakes are high, but with determination and foresight, we can overcome these challenges and ensure a prosperous future for generations to come.

Given the complexity of the current economic climate, it is more important than ever to have a financial advisor who understands the geopolitical factors impacting your portfolio. A knowledgeable advisor can help you navigate these volatile times and protect your investments from global uncertainty.

Bob Rubin is the founder and president of Rubin Wealth Management. Lubinwa.

The views and opinions expressed in this commentary are those of the author and do not necessarily reflect the official position of the Daily Caller News Foundation.

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