President Donald Trump said he doesn’t think the value of the U.S. dollar has fallen too much, saying the currency is “doing very well” and that he expects currency values to fluctuate.
“No, I think it’s great,” Trump told reporters in Iowa on Tuesday when asked if he was concerned about the dollar’s losses, which have pushed the world’s main reserve currency to its weakest level in nearly four years. “I think the value of the dollar — look at the deals we’re doing. The dollar is doing very well.”
“I want him to just find his own level, which is the fairest,” he added.
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Trump’s comments come as the Bloomberg Dollar Spot Index records its steepest four-day drop since he announced his sweeping tariffs in April. The index touched a session low immediately after the president’s statements.
The dollar’s decline also boosted other currencies, with the Japanese yen strengthening again.
Trump suggested on Tuesday that he could manipulate the strength of the dollar, saying: “I could make it rise or fall like a yo-yo.” But he presented this as something undesirable, comparing it to hiring unnecessary workers just to inflate employment figures, while criticizing Asian economies that, according to him, try to devalue their currencies.
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“If you look at China and Japan, I was always fighting with them, because they always wanted to devalue the yen. Did you know that? The yen and the yuan, and they always wanted to devalue it. They devalue, devalue, devalue,” Trump said.
“And I said: it’s not fair for you to devalue, because it’s difficult to compete when they devalue. But they always insisted: ‘no, our dollar is great'”, he added.
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