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.”

  • @[email protected]English
    11•12 hours ago

    This is how Truss got ejected in the UK.

    As we know, it’s the capitalists that have power. So when she made policy that tanked the markets her days were numbered. Her support within the party crumbled and her position was untenable.

    US president is a much more secure position than prime minister. However, if republicans see their donors running away Trump is finished.

    • @TattorackEnglish
      2•12 hours ago

      Been in Reddit a moment ago. Someone asked on AskReddit about this to conservatives.

      Sorting by contraversial, because that’s where the real answers are, I found two general responses:

      • I didn’t vote for Trump because money. I voted for him to stop wokeness.
      • Trump only just started fixing the mess. This is all part of the plan and we’ll come out on top.

      (By “mess” it seems they mean “everything Biden did” and “everything that existed before Trump’s first term”)

    • @andallthatEnglish
      15•1 day ago

      according to at least Varoufakis, that’s actually part of the plan.

      I don’t pretend to be smart enough to understand this completely but the way I get it: if the dollar depreciates and (eg) the Euro becomes stronger, then people in the EU will find it more convenient to buy US goods, basically offsetting the effect of the tariffs that the EU has applied to counter US ones.

      On the reverse, US tariffs + strong Euro will make it even less convenient for people in the US to buy goods from the EU. This, in Varoufakis’s interpretation of Trump’s plan, will help rebalance the trade deficit of the US vs these other countries.

        • @folekauleEnglish
          14•1 day ago

          That’s a feature not a bug. If tariffs increase import prices by 10%, people are less likely to notice a 15% increase at the point of sale. Not to mention domestic products that despite not being subject to tariffs will still increase in price to come in just below imports.

          All of this is designed to put more money in the oligarchs’ pockets.

      • Creative ComputeristEnglish
        2•1 day 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•14 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.

  • @BuffaloxEnglish
    19•1 day ago

    Probably Trump:
    Thanks Obama.