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That it's coming to an end.

As the US slowly but surely becomes weaker, and other countries stronger, a point inevitably comes where others question why, exactly, they're holding USD as the reserve currency?

For other countries, holding USD makes perfectly good sense when you're importing manufactured goods from the US and you need USD to purchase commodities traded in USD. That's entirely rational.

But if the manufactured goods need to be purchased in CNY, and the commodities are also traded in CNY, then why on earth would you hold USD? Why would you not hold CNY instead?

Now throw in if China is your military protector as well. In that case you'd hold CNY for sure.

That said, it's not really tariffs that are bringing manufacturing back to the USA, a point easily demonstrated by noting it's been underway for some years now. What's actually doing it is cheap energy. Australia take note.....

That Australia now imports house bricks isn't because we don't have any clay. It's because it's just becoming too expensive to fire a kiln here. Just one of countless examples.