The United States has the tools to fight back against Chinese and Russian efforts to upend its financial hegemony but is unwilling to use them. Diplomatic visits to foreign countries to build economic relationships, like Biden’s recent visit to Asia, have happened far too infrequently during recent administrations. Excessive spending packages requiring the Federal Reserve to print preposterous amounts of money have sent the dollar spiraling out of control, diminishing the trust of countries that once confidently pegged themselves to the greenback. And most importantly, the United States has not done enough to counter China’s development, leading it to fail to match the digital yuan with a digital dollar and passively allow Sino-Russian ties to strengthen. If the United States wants to remain at the helm of the rules-based international order, it will need to address the serious efforts underway to undermine its global financial hegemony.

Axel de Vernou is a rising sophomore studying Global Affairs at Yale University. He is currently interning at the Hudson Institute.

Image: Reuters.