The US has long been accused of using its currency to facilitate trade with other nations.
But as the US prepares to launch a new version of the US Dollar that will be pegged to the Euro and will have a base rate of 7.25 per cent, there is concern that the US may be setting itself up to become a debtor to the European Union.
A report in The Wall Street Journal says the US is likely to use the Euro to fund its own foreign exchange operations.
It says US lawmakers are set to begin debating legislation to create a separate version of US money.
It would use the new currency to fund the country’s debts, as well as pay the cost of goods and services.
A new $1 trillion debt would be the largest in US history, and US Treasury Secretary Steven Mnuchin has hinted at the possibility of US government debt being sold off.
But critics say the new money could also be used to fund tax evasion.
They say that would increase the cost to taxpayers of the tax cuts.
The WSJ report says the new US currency could be used for the purchase of goods, services and bonds.
The new $US1 trillion currency would be pegged with the Euro, which would mean that it would be worth more than the value of the Euro at the time of purchase.
US lawmakers have already raised concerns that the new $USD1 trillion dollar will create a debt bubble that would hurt the economy.
But the new version will have to be pegged against the Euro.
The dollar has a value of around 70.5 cents per Euro, or around US$1.20 per Euro.
US President Donald Trump has been pushing for the new Euro.
It was a huge stimulus package that saved the economy from recession in the early part of his administration.
It also provided the US with a significant boost to its international competitiveness and led to the creation of hundreds of millions of jobs.