A 2018 Vox column examined the geopolitical premium enjoyed by the US thanks to its security alliances and ‘dollar diplomacy’. This column, written by one of the original authors, suggests that in light of recent moves by the Trump administration, it is timely to recall the earlier conclusions that countries that rely on the US for their security umbrella are disproportionately inclined to hold dollar reserves, and a scenario where the US withdraws from the global stage would result in a