United States President Donald Trump said on Friday that he likes a strong dollar, but “you earn a lot more money” with the weaker US currency.
“So when we have a strong dollar, one thing happens: it seems good. But you don’t do tourism. You can’t sell tractors, you can’t sell trucks, you can’t sell anything,” Trump said at the White House before leaving for a trip to Scotland.
“It’s good for inflation, that’s all.”
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The dollar index, which measures the strength of the US currency compared to six of the main currency, stabilized on Friday after reaching minimum two weeks earlier this week. The index accumulates about 10% fall in the six months when Trump is in office.
Trump often complains that the appreciation of the dollar impairs the competitiveness of US exports, production and employment in the country.
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On Friday, he told reporters that manufacturers would be the first to benefit from the fall of the dollar, citing the Caterpillar construction and mining equipment company, whose shares rose 16% in the last month.
Japan and China fought for weaker coins for decades and managed to dominate markets over the years, Trump said.
“Now, that doesn’t look good, but you earn a lot more money from a weaker dollar – not a weak dollar, but a weaker dollar – than a strong dollar,” he said.
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At the same time, he acknowledged that pressing for a weaker dollar was not a good idea, saying that a strong dollar is good psychologically.
“It makes you feel good,” he said. “I love strong dollars.”
