Wasn’t there a move into treasuries and USD, just the day before?
I have a geopolitical interpretation of how the tariffs have turned out. The key is that Trump 2.0 is run by American nationalists who want to control North America and who see China as their big global rival. So Canada and Mexico will always be in a separate category, as America’s nearest neighbors, and so will China, as the country that could literally surpass America in technological and geopolitical power. Everyone else just has to care about bilateral issues, and about where they stand in relation to China versus America. (Many, like India and Russia, will want to be neutral.)
Also, I see the only serious ideological options for the USA at this point, as right-wing nationalism (Trump 2.0) and “democratic socialism” (AOC, Bernie). The latter path could lead to peaceful relations with China, the former seems inherently competitive. The neoliberal compromise, whereby the liberal American elite deplores China’s political ideology but gets rich doing business with them, doesn’t seem viable to me any more, since there’s too much discontent among the majority of Americans.
Wow! This is the “AI 2027” of de-dollarization. I’m no finance person, but I have been looking for analysis and this is the clearest future scenario I’ve run across. I will make one comment, based on futurological instinct, and that is that change may go even faster than you describe. One of the punishing things about making scenarios in times of rapid change is that you put in the work to look several years ahead, then changes you had scheduled for years away, end up happening within months or even weeks, and you have to start again. But I’m sure your team can rise to the challenge. :-)