Marfrig Global Foods (Marfrig) CFO Tang David must decide whether to anchor new short-term and long-term contracts in US dollars. For decades, the dollar had functioned as the global safe asset, but David wondered whether headwinds on the US policy front threatened the dollar's dominance. The case offers historical context about the dollar’s rise to prominence and examines the dollar’s current status in relation to US tariff policy, US fiscal stability, and firm-level outcomes.

This case works well as the second piece in a two-class series that covers tariffs and the US dollar; the first case is "Tariff Trouble: Navigating a Trade War in the Global Supply Chain" (UVA-GEM-0255). With the 2025 US tariffs as a backdrop, the case covers the evolving role of the US dollar as an international safe asset. Students will not only understand why the dollar holds a preeminent role in international trade and finance, but they will learn how certain shocks can imperil the dollar's position and influence global business transactions.