President Donald Trump said Tuesday that the United States is weighing a potential currency swap with the United Arab Emirates as part of broader considerations about financial assistance to the Gulf nation.
Asked directly about a currency swap with the UAE, Trump replied, "It is," and described the UAE as "a good ally." He went on to praise the country’s leadership, saying, "They’re really led by incredible people... I mean, I’m surprised, because they are really rich."
Trump framed any U.S. help as conditional and supplemental to existing commitments, adding, "If I could help them, I would, I mean, we’re helping them much more with what we’re doing with the war," referring to U.S. and Israel’s war with Iran.
According to accounts of recent discussions in Washington, the UAE’s central bank governor raised the prospect of a swap line with U.S. Treasury Secretary Scott Bessent and Federal Reserve officials during meetings last week. The talks reportedly considered a swap arrangement as a contingency if the conflict were to trigger a deeper crisis for the oil-rich country.
On the possibility that the UAE might require assistance, the president said: "If the UAE had a problem - I find it hard to believe - but if they had a problem, we would be there for them."
The comments indicate that U.S. policymakers have at least discussed mechanisms to provide liquidity support to a key regional partner should the need arise. Officials in Washington examined whether a formal swap line could be a tool to help stabilize financial conditions in the UAE in the event the ongoing conflict escalated into broader economic disruption.
While the president emphasized the UAE’s wealth and described U.S. military and political support as the primary form of assistance, his remarks left open the option of direct financial measures - including a swap line - should circumstances change.
Note: The article reports on statements made by the president and on discussions that occurred in Washington regarding possible financial arrangements; it does not report that any formal swap agreement has been finalized.