Trump Says He Prefers A Strong Dollar, But Adds It’s Good Just To Keep Inflation Low: Report

President Donald Trump on Friday sent mixed signals about the dollar, expressing his preference for a strong currency while also outlining the negative consequences that it can lead to.

Addressing reporters at the White House while leaving for a trip to Scotland, President Trump said a strong dollar “sounds good,” but it prevents the United States from selling anything, according to a Bloomberg report.

“When we have a strong dollar, one thing happens: it sounds good, but you don’t do any tourism. You can’t sell factories, you can’t sell trucks, you can’t sell anything,” he said, explaining why a strong dollar might not always be the best thing for the United States.

The President added that a strong dollar is beneficial in keeping inflation low, but that’s about it.

“We have no inflation. We’ve wiped out inflation,” he added.

Trump also stated that while he will never say he likes a “low currency,” a weak dollar makes the United States a lot more money.

The U.S. Dollar Index has declined by almost 10% year-to-date, with Stocktwits data indicating that retail investor sentiment is in the ‘bearish’ territory.

Meanwhile, U.S. equities gained in Friday morning trade.

The SPDR S&P 500 ETF (SPY), which mirrors the S&P 500 index, was up 0.22% at the time of writing, while the Invesco QQQ Trust (QQQ), which mirrors the Nasdaq, rose 0.16%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘neutral’ territory.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Also See: Trump Considers Sending Rebate Checks For Americans From Tariff Revenues: Report

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