Mark Copelovitch discusses the dollar’s continued dominance in the global economy and its implications for US economic policy, transatlantic relations, and the US-China rivalry. Reviewing the ongoing sources of the dollar’s global dominance and the economic and political reasons why neither the Euro nor the renminbi are serious challengers, Copelovitch also explains why recognizing the gap between this reality and the frequent rhetoric of the looming end of the dollar’s dominance is important for understanding the future of US foreign and economic policy, as well as the future of power and hegemony in the international system.