Biden May Get the Weaker Dollar That Eluded Trump’s Presidency
The combination of rising government debt and ultralow rates will weigh on the U.S. currency.
Illustration: Bráulio Amado for Bloomberg Businessweek
A weaker dollar and the boost that it could provide to U.S. exporters and manufacturers has long been part of President Donald Trump’s prescription to make America great again. But it could be his opponent, Joe Biden, who gets a less mighty greenback and its spoils.
Long before the novel coronavirus pandemic upended the global economy, the alleged unfairness of U.S. trading relationships with the rest of the world was a cornerstone of Trump’s rhetoric and actions. Accusations of currency manipulation have been as much a mainstay of his policy as tariffs on items ranging from solar panels to washing machines. And grievances about the strength of the dollar—often part of attacks against China, Europe, and even the U.S.’s own Federal Reserve—have been a staple of the president’s Twitter feed.