The latest upheaval in President Donald Trump's administration is moving the U.S. closer to sparking a global trade war that could send the dollar plunging, in the eyes of at least one investor.

The risk that the U.S. pivots toward more protectionist policies is increasing with the departure of moderate voices, including Secretary of State Rex Tillerson and White House economic adviser Gary Cohn, said Paresh Upadhyaya, a portfolio manager at Amundi Pioneer Asset Management, which oversees about $83 billion.

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