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The US dollar dominates global trade by accounting for 88% of international transactions in 2019. This gives the US significant power over importers and exporters worldwide. Commodities like oil, gold, and coffee are all priced in dollars, regardless of their origin. This dominance frustrates America's rivals, leaving them vulnerable to US trade sanctions. The dollar's influence stems from its stability and abundance after World War II. A conference in 1944 saw 44 nations peg their currencies to the dollar, which was itself pegged to gold. As global trade expanded, so did the use of the dollar in conducting business. Some countries are now developing alternative systems to reduce the dollar's dominance.
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