The Russia-China summit and the Iran conflict are speeding up the world's move away from the dollar, which is bad for the US and good for Beijing and Moscow.

• Russia and China now settle almost all trade with each other in rubles and yuan, cutting the dollar out.
• A new pipeline will send Russian Arctic gas straight to China, locking in energy ties that are hard for the US to sanction.
• The Iran conflict gave China leverage by shutting off 15% of global energy supply through the Strait of Hormuz.
• US grocery prices jumped more in April than in the past four years combined, with vegetables up 44% and McDonald's franchises raising prices to survive.
• Fertilizer prices have jumped 35 to 44% since the Iran conflict, which will hit food prices hard in the next harvest cycle.

Outlook: If the Strait of Hormuz stays disrupted, food prices could be 35% higher by late 2027, while China keeps gaining ground on the dollar.