Authored by Dhara Ranasinghe, Alun John, and Gertrude Chavez-Dreyfuss, the text discusses the recent market behavior wherein investors traditionally sought the safety of the US dollar during times of market turmoil, but amid stock market declines due to US tariffs, they moved away from it. This shift suggests a possible decline in the global prominence of the US dollar. The article highlights that the imposition of tariffs by President Trump, which sparked fears of a recession, and his administration's protectionist stance, are seen as factors contributing to this changing investor sentiment towards the dollar. Market analysts and investors expressed concerns that a loss of confidence in the dollar could weaken its status as the world's reserve currency. The evolving role of the US in global affairs is seen as a fundamental reason behind this shift. This change in the dollar's perception as a safe-haven asset has implications for investors and policymakers, potentially leading to challenges such as higher interest rates and difficulties for central banks in managing economic growth and exports. Central bank officials, including Sweden's deputy governor Per Jansson, have voiced apprehension about potential disruptions to the world economy if the dollar were to lose its predominant status.