Yellen, Asked on Trump Dollar Remarks, Flags G-7 Commitments
- US Treasury secretary speaks in press conference Thursday
- Trump has described dollar as challenge for US exporters
Treasury Secretary Janet Yellen during a meeting with Brazilian Finance Minister Fernando Haddad in Rio de Janeiro, on July 24.
Photographer: Bruno Kaiuca/AFP/Getty Images
Treasury Secretary Janet Yellen highlighted commitments by Group of Seven nations backing market-set exchange rates when asked about recent remarks by former President Donald Trump that blamed a strong dollar for hurting US export competitiveness.
“Over the last several years, the United States has had tight monetary policy,” with higher interest rates than in other parts of the world, Yellen said at a press conference Thursday in Rio de Janeiro. “That’s induced capital inflows that have strengthened the dollar — that’s really something to be expected” in the case of a strong economy and a central bank working to contain inflation. “We believe that’s how the system should work.”