Washington is beginning to sidle away from its two-decade consensus in favour of a strong dollar.
Donald Trump’s recent complaint that he was not thrilled with “our very strong dollar” because it harmed American companies has found fertile ground among some politicians on both sides of the aisle, and political momentum is building behind the idea that intervention might be necessary.
Republicans are more willing to contemplate interventions in the free market, Democrats have become unmoored from Wall St — which sells dollar-denominated stocks and bonds — and everyone is looking for ways to help domestic manufacturers.
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