'World War III likely under Biden, dollar will lose its value': Trump rails against US President after brief arrest

After a brief arrest in the hush money case, Donald Trump on Tuesday launched a scathing attack on US President Joe Biden and accused him of destroying the country. He said the world soon witness World War III under President Biden and the dollar, which countries keep as a reserve currency, may no longer be the world standard. "Our currency is crashing and will soon no longer be the world standard, which will be our greatest defeat in 200 Years," Trump said while speaking at Mar-a-Lago.

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On Tuesday, Trump was criminally charged in a Manhattan court for falsifying business records in connection with hush money payments made to porn star Stormy Daniels. He pleaded no guilty to 34 felony counts and later said the only crime that he had committed was to "fearlessly defend our nation from those who seek to destroy it". Trump said the Democrats had weaponised America's system of laws like the USA had never seen before.   The former president, who is preparing to run for another term next year, said the world is likely to face an all-out nuclear World War III under Biden. He said that there were open threats by various countries of the use of nuclear weapons, something which was never discussed by other nations during his administration.

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"This could very well lead under the Biden administration's leadership to an all-out nuclear World War III can happen. We're not very far away from it, believe it or not," Trump said, in an apparent reference to Russia which recently announced that it will station tactical nuclear weapons in Belarus.

Trump said America was now in a mess under Biden, who took charge as President in January 2021. "Our economy is crashing. Inflation is out of control. Russia has joined with China. Can you believe that? Saudi Arabia has joined with Iran," the former president said, adding that China, Russia, Iran, and North Korea have come together as a "menacing and destructive coalition".

China recently brokered a peace deal between Iran and Saudi Arabia. Beijing is also deepening its relationship with Moscow as they both are opposed to the US-led global order. Russia has already adopted the Chinese Yuan as one of the main currencies for its international reserves and overseas trade in the face of Western sanctions.

China's yuan has replaced the US dollar as the most traded currency in Russia, Bloomberg reported on Monday. The yuan surpassed the dollar in monthly trading volume in February for the first time, and the difference became more pronounced in March, the report said citing data from daily transaction reports from the Moscow Exchange.

Last month, the government said the RBI had allowed banks from 18 countries to trade in the rupee. Recently, noted economist Nouriel Roubini said the Indian rupee could become one of the global reserve currencies over a period of time. 

"One can see how the Indian rupee could become a vehicle currency for some of the trade that India does with the rest of the world, especially South-South trade. It could be a unit of account, it could be a means of payment, and it could become a store of value. Certainly, the rupee over time could become one of the varieties of global reserve currencies in the world," Roubini said during an interaction with Economic Times.