It is crucial to consider the dollar's reserve currency role

The functioning of the international monetary system and the US economic situation will be highly dependent on the dollar’s ability to remain the dominant reserve currency. This role could be threatened by: Political developments (retaliation to US protectionism); Financial developments (sharp increase in the US external debt); The Federal Reserve’s independence being called into question; The appearance of other credible reserve currencies. The first three risks seem to be greatest , but they would perhaps not materialise if reserve currencies other than the dollar are not available.