Largely ignored by mainstream media, the dollar’s monopoly on global oil transactions is coming to an end. On March 26, 2018 the Shanghai Futures Exchange began trading oil in yuan (or renminbi), China’s currency. The ramifications of this event cannot be overstated. Some keen observers, as in this article, have eloquently analyzed some of its less sanguine financial and economic consequences. The following timeline should be food for thought.

• March 13, 2018: Ex-CIA director Mike Pompeo is appointed secretary of state to replace Rex Tillerson. Pompeo’s background: graduated first in his class at West Point; served in the U.S. Army as a cavalry officer from 1986 to 1991, prior to the collapse of the Berlin Wall; received a law degree from Harvard University in 1994. Politically, he is known for a hawkish approach toward Russia, Iran, Syria and North Korea and a staunch supporter of Israel. He has praised China but defined it as a significant security threat. In July 2017 he said that “…China has the capacity to present the greatest rivalry to America … over the medium and long term.
• March 16, 2018: President Trump signs U.S.-Taiwan travel bill; China urges the U.S. to abide by the “one China” policy and cease official exchanges with Taiwan.
• March 20, 2018: In a speech before an annual session of the National People’s Congress that paved the way for him to rule for life, President Xi Jinping warned that China would defend its “one China Principle”, which defines Taiwan as part of China, and that “the Chinese people have been indomitable and persistent, we have the spirit of fighting the bloody battle against our enemies to the bitter end.”
• March 22, 2018: President Trump named John R. Bolton, a hard-line former American ambassador to the United Nations, National Security Advisor. An outspoken advocate of military action, he has called for action against Iran and North Korea.
• March 22, 2018: President Trump directed the U.S. trade representative to level tariffs on about $50 billion worth of Chinese imports. In addition, the U.S. also plans to impose new investment restrictions and take action against China at the World Trade Organization; the Treasury Department also will propose additional measures.
• March 23, 2018: China announced plans for reciprocal tariffs on 128 U.S. products that include pork, wine, fruit and steel to take place in two stages if it cannot reach an agreement with Washington.
• March 23, 2018: China’s Ministry of National Defense said the USS Mustin, a guided missile destroyer, entered waters surrounding islands and reefs in the South China Sea before two Chinese vessels identified and warned it off.
• March 26, 2018: The Shanghai Futures Exchange begins trading oil in yuan (or renminbi), China’s currency.
• March 26, 2018: The Chinese Navy begins massive training drills in the South China Sea that include H-6K bombers and SU-30 and Su-35 fighters. Unlike previous years, when they were conducted only in spring and autumn, in 2018 the drills will take place every month.
• March 27, 2018: Kim Jong-un travels to Beijing by special train; meets Xi-Jinping.
• March 30, 2018: Russia test-fires the RS-20B Voyevoda (NATO: Satan-2), a new intercontinental ballistic missile equipped with multiple hypersonic warheads capable of destroying an area the size of Texas.
• March 31, 2018: South Korea and the United States began their annual joint military exercises involving about 300,000 South Korean and 23,700 U.S. troops.
• April 1, 2018: China follows through on tariffs (announced on March 23, 2018) on 128 U.S. products in retaliation for tariffs approved by president Trump on steel and aluminum manufactured in China. Among the affected products are fresh and dried fruits and nuts, steel pipes, wine, ginseng and modified ethanol.
• April 1, 2018: At the invitation of Sergei Shoigu, Russian Defense Minister, his Chinese counterpart, State Councilor and Minister of National Defense Wei Fenghe began a visit to Russia.
• April 4, 2018: China retaliates; levels $50 billion in tariffs on imports from the U.S. that include aircraft, cars, soybeans and chemicals. This matches American tariffs on imports from China (March 22, 2018), however President Trump declares it is not a trade war.
• April 4, 2018: Russia and Vietnam sign a military cooperation agreement extending to 2020.
• April 5, 2018: President Trump doubles down, orders the U.S. Trade Representative to consider an additional $100 billion in tariffs on Chinese goods  (that’s on top of the $50 billion ordered on March 22, 2018).
• April 7, 2018: The “Formosa Alliance,” a coalition of political groups inside and outside of Taiwan, is formally established. Its purpose is to hold a referendum as early as 2019 to create a fully independent Republic of Taiwan.