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Peter Morici: Trump’s protectionism won’t displace dollar as the reserve currency

President Donald Trump’s tariffs have caused some champions of globalization to predict the decline of the dollar BUXX, -0.21% as the global currency as other nations take the leadership in cobbling together free trade areas—for example, the TTP less the United States in the Pacific, and China’s attempt to cobble together economic cooperation arrangements in the region.

Central banks around the world hold major foreign currencies—dollars, euros, yen and so forth—to back up their fiat money. Gold GCQ8, +0.72% can’t be mined fast enough at reasonable cost to accommodate economic growth, and its value—what it buys in soybeans and software—fluctuates much more than major currencies.

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