While this played a role in decision, it was the price of gold that was the threat to Washington.
Trump wanted conflict with China to stop the rise of China in 2020-2024. China in such a scenario would dump trillions in treasuries causing yields to spike. My guess is the Fed would step in and buy treasuries to manipulate the market. And Trump would follow through in a conflict with China.
https://www.benzinga.com/25/04/44729...c-for-reversal
Though a really interesting article. If Precious metals and bond investors were working together, it is a adamant chain that can't be broken easily.
Yield rate increases would cause pause because of the desire for rate cuts, though the fed buying treasuries solves the problem in the long term if the international public lets them get away with such manipulation.