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In 2019, the US dollar dominated global trade, with approximately 88% of international transactions involving the dollar. This gives the US significant power over importers and exporters worldwide. Commodities like oil, gold, and coffee are priced in dollars, regardless of their origin. This dominance has frustrated America's rivals, making them vulnerable to US trade sanctions. The dollar's dominance in trade began after World War II, with the US being the largest economy at the time. Other countries pegged their currencies to the dollar, which was backed by gold. As global trade expanded, so did the use of the dollar in conducting business. Some countries are now developing alternative systems to challenge the dollar's supremacy.
