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Fake News Alert: Trump and His Advisors Want to Devalue the Dollar

Politico recently put out a fact-free story a week or so ago that keeps rolling back like a bad penny.

Here is what Politico “reported”:

Economic advisers close to former President Donald Trump are actively debating ways to devalue the U.S. dollar if he’s elected to a second term…  The idea is being discussed by former trade chief Robert Lighthizer — a potential Treasury secretary pick for Trump and the architect of the former president’s bruising tariff campaign against China — and policy advisers allied with him, according to three former Trump administration officials granted anonymity to discuss confidential policy plans.”

It’s all made up. We’ve been working with Trump on the economic issues and with his top confidantes like Kevin Hassett and Larry Kudlow from his first term. None support this policy. Even Lighthizer, who is rightly worried about currency manipulation by Japan and China, tells us he doesn’t support dollar devaluation.

There IS legitimate concern about currency manipulation by China and Japan of late. But Trump has said over and over that he wants the dollar to retain its status as “the world reserve currency.” Any devaluation would put that status in harm’s way while making inflation worse.

There is NO secret Trump plot to devalue the dollar.

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