Treasury Secretary Steven Mnuchin reiterated his comments about the virtues of a weak dollar on a short-term basis and not being fixated on the dollar each moment of each day. He stated the obvious benefits of a competitive currency in a global economy. I do think it’s amazing all those globalist with weak currencies would rail at the United States, even hinting the dollar should make American goods more competitive.
I don’t think it’s a big deal at this point, and indeed, the timing is perfect on the heels of tax reform that is encouraging overseas profits to come home.
On that note, and for those afraid of a trade war, I’m not saying it’s not a dangerous path to go down, but I am saying we need to take a stand.
Yesterday, shares of American Superconductor (AMSC) rallied 12% on a guilty verdict for one of China’s largest wind turbine companies. Sinovel was found guilty of stealing intellectual property and then brazenly selling it back to American customers.
As for everyone invoking Adam Smith, and the cautionary tale of Smoot-Hawley, Thomas Jefferson and William McKinley saw the virtue in reciprocity in trade and the occasional need for tariffs. Besides, solar panels and washing machines aren’t the same as the 20,000 items hit back in 1930.
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