Signal US officials question the dollar's reserve role and float a Mar-a-Lago accord

Summary

The report records that Stephen Miran, chair of the White House Council of Economic Advisers, and Vice President JD Vance have asked whether reserve-currency status actually benefits the United States. Miran argues that if the world wants the United States to keep supplying global public goods, a new financial arrangement dubbed the Mar-a-Lago accord is needed. His proposals aim to keep the dollar dominant internationally while lowering its value. Measures cited include user fees on foreign holdings of US Treasuries and pressure on foreign governments to extend the maturity of the bonds they hold. The authors link this thinking to the burden-sharing logic behind the second Trump administration's tariff policy and treat it as a sign of strain on the dollar pillar of the liberal order.