No one can resist the US alone, but joint efforts of allies have a chance of success. Even China and Europe were unable to withstand a trade war against the US on their own, let alone other countries. However, the anti-dollar alliance led by China is already beginning to undermine the US position.
China easily persuaded Russia to accept the yuan as payment for natural gas, although such purchases had been previously made only in dollars. And recently, Chinese authorities began to study the possibility of buying imported oil for yuan. In particular, at the beginning of the year, China launched a new market of crude oil futures contracts in Shanghai, which, if successful, could lead to changes in the payment procedure of other traded commodities, and negatively affect the dollar. Europe also became involved in the confrontation, declaring its readiness to launch its own payment system. Gal Luft, co-director of the Institute for the Analysis of Global Security, was one of the first to sound the alarm, drawing the attention of the local financial community to the strengthened "anti-dollar alliance" and problems that it could bring to the US. The foreign policy of the United States unconsciously contributes to strengthening of this alliance, which currently includes every tenth state of the world, including Russia, Iran, Venezuela, North Korea, and a number of African countries. And given the countries that America is trying to harm without sanctions - China, Turkey, and Pakistan - this alliance is becoming even more powerful and large-scale.
All this suggests that the outcome for America and its currency may be unfortunate. However, America regards itself as a superpower, and is able to cope with any financial crisis, but as for other parties to the conflict, another world crisis may be their last.
