BEIJING, Dec. 2 (Xinhua) -- U.S. President-elect Donald Trump recently threatened 100 percent tariffs on BRICS nations if they "move away" from the U.S. dollar.

Such threats are emblematic of deeper American anxiety over the declining global trust in the dollar-based world financial system, as well as Washington's unwillingness to adapt to the changing global order and its attempt to maintain dominance through coercive means.

For decades, the dollar has granted Washington unparalleled advantages, from lower borrowing costs to the leverage to influence other countries through the Bretton Woods Institutions like the International Monetary Fund and the World Bank.

However, the tide is turning as nations, particularly in the Global South, increasingly question the fairness and sustainability of a dollar-dominated system.

Political polarization and recurrent brinkmanship over the federal debt ceiling have cast serious doubts about the stability of American governance. Since World War II, Washington has raised its debt ceiling over 100 times, a glaring signal of fiscal mismanagement that unsettles global markets.

In fact, it is terrible news for a world economy still struggling to recover, because the U.S. chronic debt problem creates tremendous uncertainties in the global market.

As noted by a Bloomberg opinion piece, "America's sway over the world economy is being eroded by self-inflicted policy wounds, with a dangerous standoff over the debt ceiling putting renewed scrutiny on the dollar's preeminent status in global trade and finance."

Adding to the erosion of trust is Washington's reckless use of economic sanctions. By weaponizing the dollar, as well as the dollar-based global financial system, Washington has pushed countries to diversify their reserves.

Washington's bullying has already sparked a global backlash, with many nations striving to build financial systems immune to U.S. interference. More and more countries are seeking alternatives to SWIFT, establishing bilateral currency swap lines through which they can bypass the dollar for direct transactions between their own currencies.

Rather than engaging in meaningful dialogue and fixing a flawed system, Washington has responded with threats and intimidation as it has done in other sectors such as trade and high-tech. In fact, Trump's blatant threat to the Global South would only let more countries realize the risks of exercising their legitimate economic sovereignty in an increasingly shaky dollar-based global financial system.

With multipolarity being the world's wave of the future, the United States should choose to work with other countries in improving the global financial system, rather than pursuing its sheer self-interests at the cost of the rest.

In the end, it is Washington itself who is to blame for the greenback's declining credibility. Enditem

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