Many worrisome economic facts have arisen lately, the most curious of which has been the simultaneous decline in equities, bonds and U.S. Treasuries. Along with those declines, one more decline has been alarming: the steady fall in the dollar’s value. In the past, allies would convene to adjust the dollar’s value to keep trade on an even keel. That was the object of the 1985 Plaza Accord and the 1987 Louvre Accord. But with many of those signatories’ relationships with the U.S. currently stressed by America’s imposition of tariffs, no shared agreement has been forthcoming this time around. Instead, the U.S. has offered the Mar-a-Lago Accord, which is an “accord” among one, the U.S. That accord seeks to lower the value of the dollar without affecting the U.S. currency’s status as the reserve currency to the world and to increase domestic manufacturing. The result? Other countries have been devaluing their currencies to keep their exporting businesses viable. In other words, a currency war has erupted, and the outcome is uncertain, but in the meantime, the war will exact considerable financial effects, leading to one question: Who blinks first?