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The United States is still a superpower. Photo/Reuters
WASHINGTON – It is undeniable, in the last century, the United States (US) is a superpower that dominates the world. However, many countries have shown resistance to US domination.
The solution to present multipolar has been announced by many world leaders, such as Chinese President Xi Jinping and Russian President Vladimir Putin. Various multilateral agendas were also prepared without involving the US.
However, weakening the US does not only come from external factors, but also from within the country. Various problems faced by the US show a weak side, such as political polarization to the handling of debt limit determination which is still being debated.
Here are 3 ways that many countries in the world have done to defeat US domination so that they are no longer a superpower.
1. Reducing the Use of US Dollars
Photo/Reuters
The most effective way to weaken US influence is to reduce the use of the dollar in international trade transactions.
Rivalry with China, the fallout from Russia’s war in Ukraine and bickering once again in Washington over the US debt ceiling have put the dollar’s status as the world’s dominant currency under new scrutiny. This trend is known as de-dollarization which could occur.
International Monetary Fund (IMF) data stated that official dollar foreign exchange reserves fell to a 20-year low of 58% in the fourth quarter of 2022. Stephen Jen, CEO of Eurizon SLJ Capital Limited, said the shift was more pronounced when adjusted for exchange rates.
