There is talk in Washington that he might even withdraw the US from the World Bank – a body the US helped to create at the end of the second world war.
Big exporting countries such as China and Germany sold far more goods to the US than they imported, but then used their hefty trade surpluses to buy US assets such as shares, bonds and property.
Trump says this has to change and is prepared to use tariffs to reduce the US trade deficit by cutting imports.
He sees this as a demonstration of US strength, though in reality it is a sign of how vulnerable Washington feels to the growing economic might of China and the threat that poses to US hegemony.
Trump wants the dollar to remain the global currency of choice, but higher US inflation will encourage the use of crypto currencies such as bitcoin.
