President Donald Trump has repeatedly called for a weaker U.S. dollar in a bid to help U.S. exporters, but his recent trade policies, including the imposition of import tariffs on some Turkish goods, have had the opposite effect of strengthening the greenback.
The dollar this week rose to a 13-month high against a basket of currencies, getting an extra boost as emerging markets have sold off on concern about contagion from Turkey and investors sought a safehaven in the U.S. currency.
On August 10, Trump intensified the spat with Turkey over the detention in Turkey of U.S. evangelical pastor Andrew Brunson on terrorism charges by imposing higher tariffs on metal imports. The move sent the Turkish lira to a record low against the dollar and spurred declines in other emerging market currencies.
GRAPHIC: Turkish lira vs U.S. dollar – https://reut.rs/2vMLlPD
