Japan

Trump on the sidelines as key U.S. partners slug it out

Illustration: Sarah Grillo/Axios

Several of America's key strategic partners are at each other's throats — and the U.S. seems powerless to prevent further escalation.

Why it matters: “None of these crises were made in America,” says Richard Haass, president of the Council on Foreign Relations. “That said, we have made it worse in each case either by what we’ve done or what we haven’t done.”

A "Mar-a-Lago Accord" could weaken the dollar

Data: Investing.com, Macrotrends; Chart: Andrew Witherspoon/Axios

Fears of a major currency devaluation by China have gripped the market in recent days, but if history is a guide, it's really a dollar devaluation that should worry investors.

The big picture: President Trump's dissatisfaction with the dollar's strength and the boiling trade war with China are setting the stage for a second Plaza Accord, or this time a "Mar-a-Lago Accord," experts say, with the dollar falling and the yuan rising.