Former U.S. Labor Secretary Robert Reich warned that current tariff policies, combined with global investors—including Americans—pulling money from U.S. Treasuries and dollar-based assets, may mark the beginning of the end for U.S. economic hegemony. He noted that the era of dollar-dominated global trade is fading, and with it, America's privileged position in the world economy. The dollar's role as the global reserve currency and Treasuries as the world's safest assets have long allowed Americans to benefit from global investment—in effect, enjoying a "free ride."