The US dollar's position as the world's primary reserve currency is facing increased scrutiny amid recent actions by the Trump administration. These developments have led to a decline in the dollar's value and prompted a major rating agency to downgrade confidence in the United States. Economists and financial experts, including Greece's central bank governor Yannis Stournaras, have highlighted the potential for the euro to challenge the dollar's global dominance. Stournaras described this situation as both an opportunity and a challenge for the euro area. The weakening of the dollar has also been linked to economic concerns such as recession risks, fiscal policy worries, and currency overvaluation. Since the introduction of the US's 145% tariff on Chinese goods in early April 2025, the dollar has continued to soften, although its status as a global reserve currency remains intact in the short term. Analysts emphasize the need for vigilance regarding future US policy statements that could further affect global trust in the dollar. Calls have been made for the European Union to intensify efforts to contest the dollar's dominance in international finance.