Trump Blames Biden as Dollar Soars Against Yen

Former President Trump has criticized President Biden for the U.S. dollar reaching a 34-year high against the Japanese yen, calling it a “disaster” that could harm American manufacturers. Trump expressed concerns that the strong dollar would make U.S. businesses unable to compete and force them to move their operations overseas, echoing protectionist sentiments. He also reportedly explored ideas about devaluing the dollar if he returns to the White House.

In a post on Truth Social, Trump stated that the strong dollar would be detrimental to U.S. manufacturers and others, suggesting that they would either lose business or be compelled to relocate to countries with more favorable exchange rates. The dollar reached 154.85 yen on Monday and remained at 154.86 on Tuesday.

Trump blamed the White House for the strong dollar, accusing President Biden of weakening trade policies against China and Japan, which he believes will now “pick apart the U.S.” However, experts attribute the dollar’s strength to the relative success of the U.S. economy compared to other nations, as well as rising inflation and the Federal Reserve’s decision to delay interest rate cuts.

Politico reported that Trump is considering options to devalue the dollar if he is reelected in November, aiming to address the U.S. trade deficit with countries like China and Japan. However, experts warn that such a move could lead to inflation and higher prices for American consumers.

During his presidency, Trump implemented tariffs on Chinese imports and accused Japan of manipulating the value of the yen to hurt the U.S. economy. His trade policies, including a prolonged trade war with China, have been a contentious issue, with critics arguing that they have cost U.S. companies billions of dollars.

Trump’s meeting with former Japanese Prime Minister Taro Aso, scheduled after his criminal trial on Tuesday, is expected to focus on economic issues. Aso, who currently serves as the vice president of Japan’s Liberal Democratic Party, is visiting Trump Tower in what Japanese Foreign Minister Yoko Kamikawa described as a “personal activity” unrelated to his government role.

This meeting comes after Trump hosted Polish President Andrzej Duda at Trump Tower and British Foreign Secretary David Cameron at his Mar-a-Lago resort in Palm Beach, Florida, signaling his continued engagement with international leaders despite his ongoing legal challenges.