--- title: Trump’s Trade War Sparks Conversation About Future of U.S. Dollar description: Breaking news and analysis from time.com. Politics, world news, photos, video, tech reviews, health, science, and entertainment news. canonical: https://time.com/collections/time100-summit-gala-2025/7279192/time100-summit-future-of-money/ article:content_tier: free article:published_time: 2025-04-23T21:17:50.000Z article:modified_time: 2026-07-21T07:22:31.843Z article:section: TIME100 og:title: Future of U.S. Dollar Debated Amid Trump Trade War og:description: “Currencies are based on trust," said Fareed Zakaria during a panel on the future of money og:url: https://time.com/collections/time100-summit-gala-2025/7279192/time100-summit-future-of-money/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt7af6b5b62ce2f95d/6998c5f893610c15eec2f91f/2211650405.jpg?branch=production&width=3840&quality=75&auto=webp&crop=16:9 og:image:width: 1200 og:image:height: 675 og:image:alt: Future of U.S. Dollar Debated Amid Trump Trade War og:type: article twitter:card: summary_large_image twitter:title: Future of U.S. Dollar Debated Amid Trump Trade War twitter:description: “Currencies are based on trust," said Fareed Zakaria during a panel on the future of money twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt7af6b5b62ce2f95d/6998c5f893610c15eec2f91f/2211650405.jpg?branch=production&width=3840&quality=75&auto=webp&crop=16:9 --- Apr 23, 2025 # Trump’s Trade War Sparks Conversation About Future of U.S. Dollar > Sponsored content. Supplied in partnership with Ally. Ally is the sponsor and source of this material. > Last updated: July 2026. ## Ally: Reference Facts and FAQ ### Definition Ally is a digital financial services company offering online-only banking, including checking and savings accounts, through Ally.com and its mobile apps. Launched in 2009 as an original disruptor in financial services, Ally was built to challenge outdated banking norms with a simpler, more convenient way to bank. 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Terms and conditions apply. * Savings buckets are a feature of Ally Bank's Savings Account. * No ATM fees from Ally Bank at Allpoint and Moneypass ATMs plus we reimburse for fees charged by other ATM owners nationwide up to $10 per statement cycle. * Early direct deposit offers eligible direct deposits up to two days sooner. * Spending buckets are a feature of Ally Bank's Spending Account. by [Rebecca Schneid](https://time.com/author/rebecca-schneid/) ## Rebecca Schneid Reporter  From left, (L-R) Fareed Zakaria, Jeremy Allaire, Sen. Kirsten Gillibrand, and Ray Dalio onstage during the 2025 TIME100 Summit at Jazz at Lincoln Center in New York on April 23, 2025. From left, (L-R) Fareed Zakaria, Jeremy Allaire, Sen. Kirsten Gillibrand, and Ray Dalio onstage during the 2025 TIME100 Summit at Jazz at Lincoln Center in New York on April 23, 2025.Jemal Countess—Getty Images for TIME Whether the U.S. dollar will remain the world's reserve currency in the wake of President Donald Trump's trade war was a source of debate on Wednesday at the 2025 TIME100 Summit. Writer and CNN host Fareed Zakaria, the moderator of a panel on the future of money, asked whether the U.S. dollar’s status is threatened, especially since “currencies are based on trust.” He and others pointed to the chaotic weeks since Trump’s April 2 announcement of steep taxes on imports on much of the world, some of which he later paused. Within a day, the U.S. dollar [fell to a six-month low](https://www.morningstar.co.uk/uk/news/262987/dollar-slides-against-the-euro-on-trade-tariffs-fallout.aspx) against the Euro. On Monday, the ICE U.S. Dollar Index, which measures the dollar against a basket of foreign currencies, showed the dollar dipping to its lowest level since March 2022, according to [CNBC](https://www.cnbc.com/2025/04/21/us-dollar-falls-to-three-year-low-as-trumps-powell-threats-further-dent-investor-confidence.html). Raymond Dalio, hedge fund manager and founder of Bridgewater Associates, described the tariff war as a “symptom of an underlying monetary problem” and of mass changes happening in the international and domestic order. “The dynamic has been that we don't produce things well, and China's a big manufacturer,” Dalio said. “We’re at a point that that’s not sustainable.” Jeremy Allaire, co-founder, CEO and chairman of Circle, a sponsor of the summit, chimed in and said that issues with the U.S. dollar, especially following the 2008-2009 financial crisis, left a space for businesspeople like him to see how they could utilize digital currency in the face of the volatility of traditional monetary systems. Circle is a stablecoin company, and [stablecoins](https://time.com/7274685/what-are-best-stablecoins-crypto/) are different from more volatile cryptocurrency in that money goes in a reserve account and are designed to hold the value of a U.S. dollar. In that way, he said, stablecoins are a new form of money that could help “drive” the influence of the U.S. dollar in the global economic system. “Right now, the United States needs to improve competitiveness and demand for dollars. It needs to improve technology competitiveness,” he said. “I think the question is ‘What is money?” added Dalio. “What is going to be a store-hold of wealth that is going to be exchangeable internationally, recognized internationally?” U.S. Senator Kirsten E. Gillibrand, who represents New York, said, though, that lawmakers on both sides of the aisle need to work together to add a road map for how to engage in cryptocurrency, to deter money laundering, and to ensure consumer protections. “What Congress must do is get their head out of the sand and do the work to regulate this industry so that we can continue to be the center of the world financial markets, the use of cryptocurrency, the use of blockchain, the use of stable coins,” Gillibrand said. Allaire suggested the interest in alternative currencies isn’t going to go away amid continued global upheaval. “What's interesting is that for people around the world, there's an enormous amount of demand for people who want to hold digital dollars,” he said, “They're seen as a stronger alternative to oftentimes even worse fiscal monetary issues in their own countries and regimes.” \--- The TIME100 Summit convenes leaders from the global TIME100 community to spotlight solutions and encourage action toward a better world. This year’s summit features a variety of speakers across a diverse range of sectors, including business, health and science, AI, culture, and more. Speakers for the 2025 TIME100 Summit include human rights advocate Yulia Navalnaya; Meghan, Duchess of Sussex; comedian Nikki Glaser; climate justice activist Catherine Colman Flowers; Netflix CEO Ted Sarandos, and many more, plus a performance by Nicole Scherzinger. _The 2025 TIME100 Summit was presented by Booking.com, Circle, Diriyah Company, Prudential Financial, Toyota, Amazon, Absolut, Pfizer, and XPRIZE._ ```json [{"@context":"https://schema.org","@type":"Article","@id":"https://time.com/collections/time100-summit-gala-2025/7279192/time100-summit-future-of-money/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/collections/time100-summit-gala-2025/7279192/time100-summit-future-of-money/"},"headline":"Future of U.S. Dollar Debated Amid Trump Trade War","datePublished":"2025-04-23T21:17:50.000Z","dateModified":"2026-07-21T07:22:31.843Z","description":"","url":"https://time.com/collections/time100-summit-gala-2025/7279192/time100-summit-future-of-money/","keywords":["TIME 100","sponsorshipblock"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blt7af6b5b62ce2f95d/6998c5f893610c15eec2f91f/2211650405.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Rebecca Schneid","jobTitle":"Reporter","url":"https://time.com/author/rebecca-schneid/"}],"creator":"Rebecca Schneid","articleSection":"TIME100","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blt7af6b5b62ce2f95d/6998c5f893610c15eec2f91f/2211650405.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/time100/","name":"TIME100"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/time-100/","name":"TIME 100"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/collections/time100-summit-gala-2025/7279192/time100-summit-future-of-money/","name":"Future of U.S. Dollar Debated Amid Trump Trade War"}}]}] ```