The unusual movements of U.S. Treasuries and the dollar reflect not only a global reassessment but also questions about America’s national power and international standing. The dollar’s hegemony may soon face a critical turning point.

Both the U.S. and China share an interest in preventing illicit finance, strengthening cybersecurity and ensuring global stability. What happens next will depend less on technology than on values and governance.

The special administrative region has become a pioneer in institutional and technological innovation. Its recent initiative represents a significant opportunity for the region and a crucial step in China’s broader efforts toward the internationalization of the yuan.

The U.S.’ expanded tariffs under the second Trump administration are reshaping global supply chains by imposing steep, targeted duties and pressuring Asian economies to invest in American production. As manufacturing shifts away from China and its neighbors, countries like Mexico may benefit, while India risks being left behind.

The U.S. president’s policies have fueled deglobalization and disrupted the existing international order, but they have also pushed countries around the world to explore new models of cooperation and foster new approaches to trade.

In the high-tech center of the world, technology and capital are moving from merely lobbying Washington to reshaping it, a trend that poses ongoing challenges to the structure of political power in the United States.

While Washington continues to dress up its economic strategy as innovation-driven and market-oriented, the passage of the so-called GENIUS Act suggests the emergence of a desperation, leading to the reckless engineering of systemic financial instability under the guise of modenisation. By enabling U.S. Treasuries to be used to underpin the issuance of so-called stablecoins, the new laws create a synthetic loop of leverage, which could threaten the very stability of the American and global financial systems.

Trump’s ‘America First’ protectionist tactics are supposed to create advantages for the U.S. in trade and freeze out China in theory, but expect that the world needs America’s consumers to continue. New connections forming amid the trade war could mean instead, the U.S. is left out in the cold.

If the United States can adapt flexibly and prioritize consensus with its trading partners, it may solidify its economic dominance. Otherwise, persistent high tariffs risk deepening global trade fragmentation and will challenge America’s long-term influence.

Washington is now piling up debt even in the absence of an emergency. In the long run, this sort of quick fix, where the cure is worse than the disease, will only worsen America’s economic fragility and add to uncertainty.