The essence objective of Trump’s “Make America Great Again” agenda centers on revitalizing U.S. manufacturing—a sector inherently reliant on economies of scale that necessitate expansive global markets for sustainable growth. While the U.S. attributes its industrial decline and chronic trade deficits primarily to perceived disadvantages in the current international trade and financial systems, this narrative overlooks the self-reinforcing role of dollar hegemony. As a structural pillar of global economic order, dollar hegemony has generated asymmetrical benefits for the U.S., rendering its abandonment politically and economically untenable. To counteract these challenges, the U.S. has readied three major policy instruments: tariffs, financial policies, and security measures. Of these, the “tariff war” signifies the onset of America’s “economic warfare,” with the ultimate objective of compelling other nations to negotiate financial and trade agreements that are favorable to the U.S., thereby facilitating the resurgence of manufacturing domestically. This paper posits that adherence to market mechanisms precludes the U.S. from monopolizing both monetary supremacy and trade competitiveness. The dynamics of dollar hegemony inevitably compel currency appreciation through capital inflows, while structurally embedding trade imbalances via the Triffin dilemma. Such systemic constraints irreconcilably conflict with manufacturing revitalization goals. Absent extraeconomic coercion—exemplified by leveraging security alliances to extract trade concessions—the pursuit of “greatness” remains a zero-sum paradox. This approach, reminiscent of 19th century gunboat diplomacy, epitomizes the inherent tensions between neoliberal rhetoric and neomercantilist practices.
GONG Gang.
Can the Dollar Hegemony Make America “Great Again”:Also Discussing the Tariff Policy of the Trump Administration[J]. New Economy, 2025, 46(5): 5-19