Investing.com – President Trump said he wants a strong dollar one day after his Treasury Secretary’s comments about a weaker dollar caused a sharp decline in the U.S. currency.
In saying a weaker dollar was good for the U.S. economy, Steve Mnuchin became the first Treasury Secretary in decades to stray from the government’s long-standing strong dollar policy.
President Trump said Mnuchin’s comments were misinterpreted, according to an interview on CNBC. The President said he expects the dollar to get “stronger and stronger.”
The President’s strong endorsement, however, differs from comments of his own in the past. A year ago he told the Wall Street Journal that the dollar was “too strong” and was hurting the economy.
The dollar has been in decline in the past year but it was particularly strong for several years before that.
During that time, both exports and export-related jobs declined, as U.S. goods became more expensive overseas.
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