US currency has lost all the gains it enjoyed since Trump won election and hits lowest level since mid-October

“The European single currency rose by a cent to $1.093, breaching the $1.09 barrier for the first time since Donald Trump won the presidential race. Sterling hit $1.295, its highest since 8 November.” (…)

“The “Trump trade” that sent the dollar soaring after his victory has unwound, as the imposition of US tariffs against Canada, Mexico and China and the threat of levies against European trading partners have triggered fears of an American recession.”

  • Creative ComputeristEnglish
    2•2 days ago

    This would also have the effect that the USA work force is mainly useful for low wage labor, would it not? Basically turning the USA back into a third world country that can be exploited for cheap labor. But I guess that is what so many USA citizens would like and vote for 🤷‍♂️

    • @andallthatEnglish
      3•23 hours ago

      I’m not saying that it’s a good plan, just that these are not random actions by a senile and vengeful old man. Trump says a lot of things but some of these he’s been saying pretty consistently since at least 1987, which makes me think he actually believes them. The paid ad he ran back then is already mentioning:

      • his admiration for Japan’s trade surplus…
      • …made possible by a weak Yen vs the USD…
      • …and by the fact that Japan could leverage the “free” US protection and invest on their economy instead of their defense…
      • … concluding that these NATO allies are not pulling their weight and should “pay” for US protection…
      • … because the US can’t go on increasing their own debt to fund NATO

      So, yes, that’s what a Great Again US looks like to Trump: manufacturing jobs back, weaker Dollar, trade surplus, less debt and NATO countries investing more in their own protection. Now there’s a whole lot of scary things about HOW he’s trying to get there: antagonizing allies, fanning a dangerous trade war while letting a couple of actual wars spiral in unpredictable ways… But old man Trump is still trying to move in the direction his greasy, younger self from the pic on Snopes said he would move.