After Tariffs, Dollar Devaluation?

If Trump follows Miran's playbook...

Panic ripped through the financial markets Thursday after President Trump announced plans to raise U.S. tariffs to the highest level in a century.

Stocks were crushed. The Dollar plunged. Recession is now the base case for many economists.

What comes after tariffs?

If President Trump is following the playbook laid out in a recent paper by Stephen Miran—Chairman of the President’s Council of Economic Advisers—it could be a Dollar devaluation.

That possibility was explored in depth in last week’s Macro Watch On Substack video, which analyzed A User’s Guide to Restructuring the Global Trading System, Miran’s roadmap for upending the post-war global economic order.

According to Miran’s plan, Trump would:

1. Hike tariffs sharply (as he just did), then

2. Convene a “Mar-a-Lago Accord” with U.S. trading partners to push through a coordinated Dollar devaluation—in an attempt to boost U.S. competitiveness and manufacturing.

Foreign investors now hold $57 trillion of U.S. Dollar-denominated financial assets. It won’t take much for panic to set in once they realize a devaluation may be coming.

That’s how a Run On The Dollar could begin. And not just by foreign investors—Americans may also begin dumping their Dollar holdings as trust in U.S. economic policy erodes.

A sudden collapse in the Dollar could be the catalyst for the next leg down in global stock prices.

This threat—and the thinking behind it—will be the focus of the next Macro Watch video.

Macro Watch On Substack Saw This Coming

Macro Watch On Substack has been warning for months that a major crisis could soon erupt. Recent videos include:

• The Blueprint to Trump’s Tariff Strategy (March 26)

• “A Period of Transition” into a Great Depression? (March 11)

• Is The Everything Bubble About To Pop? (January 23)

• America’s Wealth Miracle Is On Shaky Ground (December 26)

The warning signs are flashing red.

Now Is the Time to Subscribe

If you want to stay ahead of the curve as the world hurtles toward another potential crisis, now is the time to join Macro Watch On Substack.

Macro Watch On Substack subscribers receive regular video updates that break down the key developments shaping the global economy—before they hit the headlines. Every video includes detailed analysis, slides, and charts that connect the dots others miss.