Recent actions by former President Donald Trump, including attacks on the Federal Reserve and the implementation of unpredictable tariffs, are contributing to a decline in confidence in the US dollar. Historically, the US dollar has enjoyed an "exorbitant privilege" as the primary global reserve currency, supported by the perception of American exceptionalism and the dollar's role as a safe-haven asset during crises. However, this perception is weakening, leading to shifts in global market behavior. Investors are moving away from the US dollar, with speculative positioning in foreign exchange markets showing a notable short stance on the dollar. Unlike previous episodes where dollar short positions were offset by euro longs, current market dynamics reflect skepticism about both the US and the EU economies. These developments raise questions about the future stability of the US dollar and the potential emergence of alternative reserve currencies.