With the Iran war raging, it may be worth re-reading our piece on trade tariffs from April 2025 There have been news reports that Iranian officials want to only allow oil through the straight of Hormuz if paid in Yuan, a supposed challenge to the "petrodollar" However, as we explained in our article, there is an alternative view here. Perhaps this is an outdated view of what really drives the US$ https://www.bitmex.com/blog/what-causes-americas-trade-deficit(BitMEX Research)