The dedollarisation high speed train is running at full speed. Are the Americans afraid? Nay, Trump is challenging the BRICS' countries and threatening to impose more tariffs against them if they dare to try to dedollarise. Trump is playing brinkmanship or telling the BRICS countries not to go against the American Empire or else....
The possibility of BRICS countries and the rest of the world to stop dedollarisation is nil. More and more countries are reducing trade with the Americans out of necessity and self preservation. There is practically nothing to buy from the Americans that needs the American dollars. And more and more countries have nothing to sell to the Americans. Tariffs or no tariffs does not mean anything to them. The decoupling from the American economy is becoming a natural phenomenon. When trade with the Americans drops to an insignificant level, there will be less demand for the dollar, and less need to hold them. Who is still thinking of buying American legacy cars or Boeing aircraft or iPhones?
The second point is the vicious cycle of banks, institutions and nation states finding it riskier to hold the dollar as a reserve. They will start to downsize their dollar holdings, and a little drizzle could end up turning into a storm.
International trade would go on but without the need for the dollar. All trades would be using their own currencies or BRICS' currency, or new currency being developed. China, the biggest exporters would not be accepting the dollar for their goods and services. So would be the rest of the world.
What would happen to those holding the dollars? The only place they can spend it is to buy whatever they could from the Americans. They need to dispose of their dollars before they become worthless. Another way to dispose the dollars is to buy other currencies if they could in the exchange market. This would prove difficult by the day when no one is accepting the dollar. Maybe they could change into some European currencies as an intermediary. The USA would be the dumping ground for the dollar with Europe as a secondary market.
What would happen when all the dollars printed return to the USA? Every country, every institution would be dumping the dollar into the American market, buy whatever they could lay their hands on, maybe properties and land. The years of reckless printing of the dollar will pay proportionally with the dollar coming home to roost. The Americans would be very rich with plenty of dollars flooding the streets of America, or maybe Europe.
Trump can raise all the tariffs by 100s or 1,000 times, who cares? No one is going to sell to the Americans. It would be a one way traffic, to dump the dollar quickly before it is too late. There will be no place for the dollar outside America and Europe. The two can trade among themselves.
This could be the scenario going forward when dedollarisation hits full steam. Would the Americans be pointing a gun at everyone to use or accept the dollar? It would be futile when there is nothing to buy from the Americans...while the dollar is not accepted by countries around the world.