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A new Plaza Accord? Dollar's depreciation now needs no global agreement

Trump-era whispers of a 'Mar-a-Lago Accord' echo the 1985 Plaza Accord, but global realities, shifting alliances and a weaker dollar complicate any such grand bargain

Dollar, Plaza Accord
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ILLUSTRATION: AJAYA MOHANTY

Ajay ShahIla Patnaik

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With Donald Trump as President, protectionism has become a reality from being an extremist idea in the politics of the United States (US). This has helped other ideas in the US right-wing gain more prominence. 
One of them is the notion that a grand deal will be negotiated — The Mar-a-Lago Accord — which will change international finance and monetary arrangements. 
Stephen Miran wrote A User’s Guide to Restructuring the Global Trading System in November 2024. He now chairs Mr Trump’s Council of Economic Advisors. The dollar plays a special role in the international financial system, one that generates persistent
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