A broad majority of economists warn that President Donald Trump’s fiscal expansion, his stalled tariff strategy and repeated attacks on the Federal Reserve’s autonomy are eroding the U.S. dollar’s traditional role as the world’s premier safe-haven asset. A Financial Times poll found almost 90% of respondents now fear the greenback’s privileged status is in jeopardy, citing the president’s willingness to finance large tax cuts with debt and to pressure monetary policymakers. Market data underline the concerns. The dollar index has fallen about 10% so far this year and 6.5% since Trump’s 2 April tariff announcement, its weakest first-half performance since 1973. Moody’s stripped Washington of its triple-A credit rating in May, and benchmark Treasury yields have climbed as investors seek alternatives such as Japanese government bonds and gold. Foreign investors are responding by shielding portfolios from further weakness. Reuters reports that overseas asset managers and pension funds are lifting currency hedges on U.S. stock holdings; one Russell Investments client increased its hedge ratio to 75% from 50%. Forward selling of the greenback is at a four-year high and some firms have shifted into options that profit if the dollar continues to slide. Non-U.S. investors collectively hold more than $30 trillion in American equities and debt, magnifying the impact of even small reallocations. Policy uncertainty remains acute. Trump’s so-called “Big Beautiful Bill,” now in a closely fought Senate debate, would extend earlier tax cuts, slash domestic programmes and push federal debt markedly higher. Economists say the combination of rising deficits, potential Fed interference and unpredictable trade measures could further undermine confidence in the dollar and keep downward pressure on the currency.