JD Vance Faces 2028 Scrutiny Over 2023 Dollar Reserve-Currency Remarks

1 articles · Updated · Semafor · Aug 21

2023 video clips resurfaced by economic historian Phillip Magness have put JD Vance under fresh scrutiny for saying he was "not sure" the dollar’s reserve-currency role is actually good for the US.
Vance argued that reserve status can act like a "resource curse" by making imports cheap and weakening US manufacturing, though he has not called for ending the dollar’s dominant role.
The flare-up has exposed a Republican economic split, with populist allies such as Oren Cass defending the critique while free-market conservatives cast it as a liability ahead of a possible 2028 presidential run.
Donald Trump’s administration has shown little appetite for challenging the dollar’s reserve status, and economists including Kenneth Rogoff say it lowers US borrowing costs and remains hard to displace.
Vance is due to give an Ohio speech on the economy Friday, as the episode sharpens questions about what right-of-center economic policy could look like after Trump.