On Thursday, President Donald Trump called on the Federal Reserve to take steps to weaken the U.S. dollar in a move that would make American exports more competitive in world markets while increasing prices on imported goods.
Trump wrote in a series of tweets, "As your President, one would think that I would be thrilled with our very strong dollar. I am not! The Fed’s high interest rate level, in comparison to other countries, is keeping the dollar high, making it more difficult for our great manufacturers like Caterpillar, Boeing ... John Deere, our car companies, & others, to compete on a level playing field."
All of this comes just days after Treasury Secretary Steven Mnuchin formally declared China to be a "currency manipulator" under U.S. law because the People's Bank of China let the yuan weaken beyond 7 to the dollar for the first time in over a decade.
