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Weaker dollar is better for U.S. trade, treasury secretary says
By Berkeley Lovelace Jr.
CNBC, New York
Thursday, August 31, 2017
Treasury Secretary Steven Mnuchin told CNBC on Thursday that a weaker dollar puts the United States in a better position on trade.
"Obviously, the short-term issues of the dollar have both positive and negative impacts for different parts of the economy," Mnuchin said in an interview on "Squawk Alley." "Obviously, as it relates to trade, having a weaker dollar is somewhat better for us."
A strong U.S. currency gives Americans more purchasing power. However, it also makes U.S.-produced goods more expensive in global markets.
The U.S. dollar has been considerably weaker this year. The dollar index, which measures the greenback against a basket of six major rivals, is down about 10 percent year to date. Since the election, it's down 5.32 percent.
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