The week brought a mix of stories, from Trump’s strategy against China to the U.S. economy’s resilience amid the Iran war. Here’s a quick recap of the key events that unfolded over the week.

Trump’s Stealth Weapon Against China

For over a decade, China has been subtly challenging the U.S. dollar’s dominance, with oil being the battleground. The strategy is simple: convince oil-producing countries to price their crude in Chinese yuan instead of U.S. dollars. This would weaken the dollar’s status as the world’s reserve currency, affecting America’s ability to borrow cheaply, impose sanctions, and project financial power. China’s efforts have been paying off, with the recent $7 billion currency swap between the People’s Bank of China and the Saudi Central Bank being a significant milestone.

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Citadel’s Ken Griffin Says Trump Being ‘Disproportionately Blamed’

Ken Griffin, the Founder and CEO of Citadel, shared his views on the ongoing war, inflation and its potential political implications in the upcoming midterm elections. Griffin praised President Donald Trump’s handling of the Iran war, stating that it has played a crucial role in curbing Iran’s nuclear ambitions. However, he criticized the President for failing to effectively communicate the significance of these actions to the American public. Griffin also warned that the war could worsen economic conditions and impact the midterm elections, given the public’s growing dissatisfaction with inflation.

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US Resilient To Iran War Oil Shock Because It’s No Longer A ‘Manufacturing Powerhouse,’ Says Economist

Despite the ongoing Iran war, which has disrupted over a fifth of the global energy supply, the U.S. economy has shown remarkable resilience. Eswar Prasad, a senior professor of trade policy and economics at Cornell University, attributed this resilience to the country’s shift from manufacturing to a service-oriented economy. Prasad noted that although average gas prices in the U.S. have exceeded $4.45, with some regions reaching $6, the overall disruptive effect on the economy is minimal. He stated, “The U.S. is not the manufacturing powerhouse it once used to be.”

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Male Labor Force Participation Slumps As US Job Growth Tilts Toward Healthcare

A growing disparity in male labor force participation is sparking fresh worries about the U.S. economy’s strength and composition. Economists are pointing to a slowdown that is creating jobs disproportionately in healthcare rather than in traditionally male-dominated sectors. Betsey Stevenson’s recent post on X highlighted that roughly one million fewer men are currently in the labor force than expected if participation rates had remained at January 2025 levels. This observation is prompting a broader reassessment of where job growth is actually occurring and what that means for participation, pay, and future consumer demand.

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US Job Cuts Rise 38% In April As AI-Driven Layoffs Hit Hiring Plans

U.S.-based employers announced 83,387 job cuts in April, a 38% increase from March, according to a report released by Challenger, Gray & Christmas. Although the April total was 21% lower than the 105,441 cuts announced during the same month last year, it marked the third-highest April layoff total since 2009, outside the pandemic period. Despite this, hiring plans weakened significantly alongside the surge in layoffs. Companies announced intentions to hire 10,049 workers in April, a 69% decrease from March and a 38% drop year-over-year.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.