"Dictator" would be a better term. "Monarchy" implies hereditary, and aside from wanting to commit incest with Ivanka, Trump's never shown much interest in his kids.
But no, he's not. Once again, you're attributing a grand scheme to a man who is mentally and emotionally incapable of devising a grand scheme. He's Archie Bunker with money and power. He wants whatever pops into his head at the moment, and of course always, always to be the center of attention. He loves flattery and attention, and hates anything unfamiliar to him, and always, above all, anything that draws attention away from him.
Sadly, the only thing saving the U.S. is the fact that the man has the mind of a six-year-old and the emotions of a two-year-old. If he were like Putin or Xi, he'd already be a dictator, as Putin and Xi are.