In the aftermath of Liberation Day on April 2, 2025, the fall of the dollar, which had just completed its worst six-month period since 1973, was probably not on the agenda of Stephen Miran, economic advisor to the White House, who is known to have been closely involved in the new US administration's trade policy. In addition to the surprise weakness of the greenback (which at least has the merit of making US exports more competitive), volatility in the US Treasury bond market reflected a certain mistrust among investors toward the world's largest borrower. This mistrust seems to have preceded the announcement by Scott Bessent, Secretary of the Treasury, of a 90-day truce on April 9, just seven days after the start of this new trade offensive.
