Donald Trump

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Trump says dollar is ‘too strong,’ dollar loses value

It immediately dropped in value following his comments.

 

Nidia Cavazos

Tech

Published Apr 12, 2017   Updated May 24, 2021, 5:41 pm CDT

President Trump said the U.S dollar was getting too strong on Wednesday, and it immediately dropped in value by .7 percent.

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In an interview with the Wall Street Journal, Trump said the rise in the dollar value was his responsibility. “I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me,” Trump said.

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After winning the election, the dollar hit its highest value in 13 years. Today, the president is worried that the high value might negatively affect global trade and business as manufacturers will not be able to compete.

Trump also seemed to soften his tone with China and failed to call China the “currency manipulator” again. Throughout the campaign, Trump vowed to give China this label as soon as he was sworn into office. Trump blamed China for purposely devaluing its currency to make its goods cheaper on the global market.

After Trump met with China President Xi, however, he says they are not a currency manipulator. According to Trump, China has actually been increasing the Yuan’s value so that Chinese investors keep their money at home.

In yet another new turn on Trump’s tone, he seems to now like Federal Reserve Chair Janet Yellen. Just a few months ago, Trump said Yellen should be “ashamed of herself” for keeping interest rates low. He said it was just to help former President Obama.

In Wednesday’s interview, Trump told the Wall Street Journal, “I like her, I respect her.”

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H/T Wall Street Journal

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*First Published: Apr 12, 2017, 6:56 pm CDT