Yesterday, President Trump crashed the Dollar by completely reversing his stance on China, saying to the WSJ: "They're not currency manipulators" which is exactly the opposite of what he ran on in his campaign, Trump insisted that one of his first acts as president would be to direct his treasury secretary to label China a currency manipulator. It was part of a "contract" with American voters that he pledged to fulfill.
In fact, Only days ago, in an interview with the Financial Times, Trump reiterated that campaign pledge. "You know when you talk about, when you talk about currency manipulation, when you talk about devaluations, they are world champions," he said of China. "And our country hasn't had a clue, they haven't had a clue."
That's not the only major reversal we have this week, Trump gave held a press conference with NATO Secretary General, Jens Stolenberg and Trump explained his reversal there saying: "“I said it was obsolete. It’s no longer obsolete.” I guess if you want Trump to completely reverse his position on you, your company, your country or your institution – all you have to do is meet with him…
Janet Yellen came out a winner yesterday as Trump said: "I like her, I respect her.” As for the Fed’s interest rate policies, he told the Journal, “I do like a low-interest rate policy, I must be honest with you.” This is after criticizing Yellen during the campaign for creating a “false market” by keeping interest rates low “because she’s obviously political and doing what Obama wants her to do.” Yellen, he said at the time, “should be ashamed of herself.”
In the same interview on Wednesday, he completely reversed his position on the U.S. Export-Import Bank: “It turns out that, first of all, lots of small companies are really helped, the vendor companies,” Trump said on Wednesday. “But also, maybe more important, other countries give [assistance]. When other countries give it we lose a tremendous amount of business.”
In a separate interview Wednesday, Mick Mulvaney announced an end to the administration’s federal hiring freeze designed, …