President Trump on Thursday, Aug. 7, showed his support for a weak dollar, saying it could make U.S. “companies win against any competition.” 

“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,” the president tweeted.

“With substantial Fed Cuts (there is no inflation) and no quantitative tightening, the dollar will make it possible for our companies to win against any competition,” President Trump said.

“We have the greatest companies in the world, there is nobody even close, but unfortunately the same cannot be said about our Federal Reserve,” President Trump added. “They have called it wrong at every step of the way, and we are still winning. Can you imagine what would happen if they actually called it right?”

Bloomberg reported, “The dollar has gained against nearly all of its Group of 10 peers this year. A trade-weighted index of the greenback adjusted for inflation is close to its highest point since 2003.”

In the past, President Trump has repeatedly called the Fed to cut interest rates. On Wednesday, the president also made a series of tweets, calling the Fed to cut rates, “bigger and faster.” 

Last month, President Trump also blamed the Fed for increasing interest rates four time in 2018, making the economy to slow down, “The Fed moved, in my opinion, far too early and far too severely. It puts me at a—somewhat of a disadvantage. Fortunately, I’ve made the economy so strong that nothing is going to stop us. But the Fed could have made it a lot easier,” the president said.

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