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

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