The United States has taken another step toward relinquishing its worldwide dominance.
China and Saudi Arabia are planning to trade oil in Chinese Yuan rather than US dollars. Because the dollar would suffer a significant drop in value, this is likely to decrease American global political dominance.
Senator Ben Sasse of Nebraska has stated that if China and Saudi Arabia go through with this pact, the United States will lose its worldwide standing.
Breaking: Saudi Arabia is considering settling oil sales to China not in US Dollars but in Chinese Yuan.— Richard Medhurst (@richimedhurst) March 15, 2022
The decline of US hegemony is in full swing. This is exactly what we meant by the West "shooting itself in the foot". This is just the beginning.
The senator believes that the current scenario in Ukraine and Russia might send a strong message to the rest of the world about America’s ineptness as a global leader.
As a result, if America fails to establish its influence in the Russian conflict, other countries will use the Biden administration.
One way China could be deterred from following this path is if the US either beats Putin directly or assists the Ukrainians in doing so.
This would send a clear message to China about the Biden administration’s commitment to pursuing America’s foreign policy objectives, according to Sasse.
Sasse described it as a huge, horrible thing, implying that the conflict is between US-led western values and the Chinese Communist Party’s mistreatment of its own people.
1. India is buying discounted oil from Russia— Fiorella Isabel (@FiorellaIsabelM) March 18, 2022
2. Saudi Arabia considers Yuan over U.S Dollar
3. China a major influence now said NATO & West began this conflict
4. Venezuela stands by Russia while demanding better from the West
5. Russia is close to defeating Ukrainian army
As a result, the United States must pay close attention to China’s attempt to devalue the currency.
Furthermore, the senator stated that if given the chance, every freedom-loving individual would choose American leadership over Chinese leadership every time.
Other countries are only drawn to China as a result of America’s weakness, not by choice.
Sasse finished by stating that the United States could assist Ukraine by arming them, which would also dissuade China from economically attacking the United States.
According to Aleksandar Tomic, a well-known economist, both of these countries would profit from excluding dollars from their transactions. The United States would be the lone country on the losing end.
Some analysts remain pessimistic about the deal’s ability to entice other countries.
They believe that the Saudi currency, the riyal, is tied to the US dollar, and that if the dollar falls, so will the riyal.