Yellen Rebuffs Trump Argument on Dollar Hurting US Manufacturing
- GOP nominee has said US exchange rate poses a ‘big’ problem
- Bidenomics offers economy counterbalancing support, she says
Janet Yellen during the Group of 20 finance ministers and central bank governors meeting in Rio de Janeiro, July 25.
Photographer: Dado Galdieri/BloombergThis article is for subscribers only.
In former President Donald Trump’s view, a strong dollar is walloping US manufacturers. For Treasury Secretary Janet Yellen, it’s just not that simple.
Yellen, who consistently hews to the longstanding Group of Seven commitment to market-set exchange rates, said in an interview last week that a muscular US dollar needs to be considered in a broader context when assessing its impact. She also played down the role of international trade in undermining American factory jobs.