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The White House is pushing back hard on speculation that it’s working behind closed doors to drive down the dollar. Stephen Miran, who chairs the Council of Economic Advisers, made that clear during an interview on Bloomberg’s Big Take DC podcast. “We’re not secretly at work on any of this stuff. There’s nothing there,” Miran said when asked if the Trump administration was trying to organize an international agreement to weaken the US currency. He also stressed that Treasury Secretary Scott Bessent is the one who officially speaks on the government’s currency stance. According to Bloomberg, the recent chaos in foreign exchange markets, especially after President Donald Trump put his planned tariffs on hold, had traders thinking something else might be happening.  Currency chatter shakes up markets across Asia Trump paused his so-called “reciprocal” tariffs on April 9 to leave room for negotiations, and almost immediately, currencies in Asia began surging. Taiwan’s dollar jumped close to 10%, the highest move since 1988. South Korea’s won climbed by 6.4%. Meanwhile, the Bloomberg Dollar Spot Index has fallen more than 6% since Trump returned to the White House. Stephen said nothing has changed in the administration’s currency approach, even if traders are reading into the market moves. He confirmed that he hasn’t been part of the trade talks directly, but still dismissed the idea of any coordinated effort to drag the dollar lower. “The United States continues to have the strong dollar policy,” Stephen said. Scott, who took over the Treasury not long ago, had previously floated the idea of a similar agreement before stepping into his current role. But now, he’s sticking to a consistent message. He supports the long-standing view that the dollar should stay strong and that exchange rates should be set by the market, not by policy games.…

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Filed under: News - @ May 22, 2025 9:28 pm