How terrible is the appreciation of the dollar?

To understand how terrible the appreciation of the dollar is, we must first systematically analyze why the dollar appreciated at this point in time. In order to cope with the economic downturn caused by the epidemic and the collapse of US stocks, the Federal Reserve has successively adopted interest rate cuts. According to common sense, adopting the interest rate reduction policy will increase the amount of dollars in the market, improve the circulation speed of dollars, and thus lead to the depreciation of dollars to a certain extent. Then, after this interest rate cut, why did the dollar appreciate?

We still have to look at the logic of currency appreciation and depreciation. Under normal circumstances, when there are more currencies in circulation in the market, the currency will depreciate to a certain extent, while when there are fewer currencies in circulation, the currency will appreciate to a certain extent. This time, the United States adopted the policy of reducing interest rates, but the dollar appreciated, and a large number of dollars were in a non-circulation state. At the same time, a large number of investors are not optimistic about the economic situation and begin to sell assets in large quantities, which will lead to a serious shortage of dollars in the short term. By analogy, the shortage of dollars and the lack of liquidity will affect the cash flow of a large number of enterprises, which is likely to lead to the bankruptcy of small and medium-sized enterprises in the United States. At the same time, on the one hand, the dollar appreciated, on the other hand, the purchasing power showed a downward trend. Simply put, the dollar has become more valuable, but there are fewer and fewer things to buy. Therefore, the United States has adopted a series of rescue policies, but the dollar has appreciated, which is an extremely dangerous signal. Whether the United States can break the game is no longer a simple economic issue. For the United States, the most important thing is to restore the confidence of the American people affected by the epidemic in time.

In the world, whether there is still confidence in the dollar will be a big problem. In today's highly integrated global economy, what choice the United States will make in the face of such a crisis is an uncertain risk for the whole world. Therefore, the appreciation of the dollar is very different. The appreciation of the US dollar is not only a currency issue, but also a harbinger of the crisis, and the global economic risks are increasing.

The CPU chip in the United States, the length of other things may exceed 1/3 or even double. Who dares to buy American products in the future? The higher the dollar price, the less marketable the goods are. It will only be American manufacturers, and life is sad. Boeing's aircraft will also increase in price several times.

Usually, raising interest rates is the direct cause of a country's currency appreciation.

But this time, the United States cut interest rates sharply, even to zero, but the dollar index is still soaring, reaching a record high of 103.

What caused the dollar to appreciate? The spread of the American epidemic and the oil war led to a sharp drop in oil prices.

These two factors induced the high plunge of US stocks 10.

Us stocks have the highest leverage ratio in the world. Suddenly, the highly leveraged US stocks were "trampled", and the financing disk needed to provide margin continuously to ensure that it would not break out.

Due to the oil war, the price of crude oil plummeted. The United States is a big oil exporter, and shale oil ranks first in the world. Most of the enterprises that produced shale oil before were also "borrowing money" to produce, and a lot of oil debts occurred. After the crude oil falls sharply, these debts may turn into junk debts, triggering a fire sale.

In order to avoid the debt crisis, the US government needs to provide more liquidity.

So cut interest rates in advance, cut interest rates continuously and print money continuously.

All this seems to have nothing to do with the appreciation of the dollar!

It is reasonable to continue printing money, so it should be devalued.

But in fact, the dollar is still in short supply.

1, the epidemic is affecting the whole world, and the world is having a hard time. The dollar is still a safe-haven asset.

2. The collapse of crude oil caused by the oil war will aggravate the possibility of global deflation, and the collapse of various assets around the world will lead to an increase in people who want to convert into dollars.

3, the US stock market plummeted, and it needs to constantly replenish liquidity. The decline in the interest rate of US Treasury bonds shows that the whole world is buying, which leads to the dollar being bought. In the short term, the dollar is still in short supply.

Although the United States cut interest rates, countries all over the world are also cutting interest rates for the sake of economy. In March alone, more than 30 countries cut interest rates more than 50 times. Both fell, and the dollar advantage was more obvious.

How terrible is the appreciation of the dollar? Wall Street has always been good at fighting financial wars.

The United States continues to print money and the dollar continues to appreciate, which is equivalent to the financial crisis triggered by the collapse of the US stock market. This time, it will spread to the whole world equally.

Whether you admit it or not, it's true!

It can be said that most of the assets in the world are related to the United States. They sell gold, bitcoin and oil in the name of supplementing "liquidity".

Then force the dollar to appreciate and print money to balance the losses.

In the past global financial crisis, they have not changed because of the development of the real economy.

But through financial exploitation.

Take the ten-year bull in the US stock market as an example. They print money to buy back the stocks of "high-quality" enterprises, create the illusion that the American stock market is a bull market, let the funds from all over the world flow into the United States, and then they really go in.

This time, the dollar will appreciate again, and the currencies of some countries will fall sharply and become the harvest targets again.

On the surface, the United States seems to be in trouble, but the actual strong position of the dollar remains unchanged, so they may still win.

Of course, this time, it will definitely not be so easy to harvest us.

Look, we didn't cut interest rates.

No matter what happens, we will still walk around, which is the beginning of China's strong self-confidence.

I believe that in the future, we can fight this conspiracy war well.

Vernacular, fishing for dry goods!

Tell me about the history of the dollar. The appreciation of the dollar means that no currency can compete with the dollar, which means that everyone is short of money.

The exchange rate is the price of money, not a floating exchange rate. Based on the principle of supply and demand.

The international monetary system is from the center to the outer circle, and the countries in the outer circle will have great influence. The so-called shear cycle.

Key words: lack of money, price, center, cut.

First, all countries need to settle accounts in US dollars in the international market, which is not only strength, but also hegemony, habits, beliefs, history and reality.

Although there are all kinds of currencies circulating in the world, the dollar is the hardest, the most common and the most lacking. No way, this is caused by historical reasons and the strength of the United States itself. Nowadays, I think people regard it more as a belief, and there is no better substitute.

The hegemony of the dollar can be traced back to the Bretton Woods system after World War II. At that time, in a place called Bretton Woods near Washington, Keynes and Americans signed this agreement. In fact, just one thing, changing the international settlement currency into dollars. The United States made great contributions to neutrality in World War II, so it asked other countries to settle accounts according to him. If you don't want to, let's have another fight. There is no way. Americans are the worst.

At that time, it was also stipulated that an ounce of gold could be exchanged for 35 dollars, so the dollar also had the saying of dollars. The dollar was pegged to the fixed exchange rates of other countries, and there was no floating exchange rate system at that time. As long as you hold dollars, you can exchange them for gold. The credit of the dollar is very high.

In the 1970s, Americans no longer had enough American gold to exchange for dollars, so the dollar was decoupled from gold. The price of gold also soared directly.

After decoupling, in order to maintain his credit, he needs to find another anchor for the dollar. What kind of anchor is this? It's oil, and the Americans found Saudi Arabia to ensure that oil production must use dollars, which gave the dollar another anchor.

At the same time, you have to admit that the United States has had brilliant experiences, and its scientific and technological strength, economic strength and military strength are unparalleled. I often say, don't look at America. There are many fools at the bottom of this country, but the ability of scientific and technological innovation at the top is very strong. The national strength of a country is neither the average level nor the lowest level, but determined by the best people.

Today, with the passage of time, people regard the dollar as a habit and a belief. Now it is really difficult for you to find a currency to replace the dollar in a short time.

During the epidemic, the US dollar printed a lot of money, but the US dollar index did not fall too much. The key is that other currencies have no bottom line. Compared with the dollar, it has fallen even more. This is a rotten world, and America just needs to be the least rotten apple.

As long as international trade is going on, as long as we buy goods, as long as you need to do business internationally, the US dollar is indispensable. This is difficult to change in the short term.

Second, the exchange rate is essentially a special exchange rate between price and currency.

Finished talking about dollar hegemony. What is the exchange rate? Lay the foundation for the appreciation of the dollar.

I have already introduced it in other articles, and you should not feel that the exchange rate is very high. It feels unfathomable. In fact, the essence of exchange rate is just a price. There is no essential difference between the prices of instant noodles, pork and coke.

In other words, the exchange rate is the exchange rate of one currency to another. What is the principle of dialogue?

This is the principle of supply and demand. When will your money go up in price? When there is a great demand for your money, your money will go up in price. When everyone doesn't want to sell your money, your money falls in price, as simple as that.

The next question is, why does everyone want your money? What is the use of your money? For example, your country's economy is booming, and the growth rate is very fast. In other countries, the annual return is 5%, and here 10%, which is amazing. Everyone will sell their money and replace it with yours, so that your money will appreciate. At the same time, because your country has a high return on investment. Then your economy will get better and better.

If your economy is not good, people will sell your money if they think it is unprofitable to invest in you. Then change money from other countries, and your money will plummet at this time. The exchange rate is basically that simple.

What impact does the exchange rate have on the domestic economy? If your exchange rate is set too high, think about it. When doing foreign trade, it is easy to make no money, because the things you sell are too expensive. Without competitiveness, employment cannot be guaranteed.

And if the exchange rate is set too cheap, your own things will become very cheap. People from other countries bought your bottom good things with a little money. It will become very expensive for you to buy things from other countries.

Third, the United States, as a provider of liquidity, will easily create inflation and shear wool if it releases water and appreciates again.

Finally, what will happen if Americans release water and the dollar appreciates alternately?

Here, let's take the situation in Southeast Asia as an example to explain the process of letting the dollar go, then appreciating, and then shearing wool.

Thailand, for example, has a good economy, a high return on investment and a thriving economy, so Thailand decided. If the exchange rate control is liberalized, money can enter and leave freely.

International money saw the return on investment in Thailand, and everyone thought that Thailand was a good place, so they threw away their money and replaced it with Thai baht. At this time, the Thai baht appreciated. Thailand's return on investment is still very high. The economy is booming.

When the economy is prosperous to a certain extent, the so-called bubble is easy to appear. What do you mean? There is just no money for production. Instead, I went to Thailand to buy various assets, such as Thai stocks, such as houses in Thailand.

We know that the pricing mechanism of assets is that the higher the buyer, the cheaper it is, and the fewer people buy it. When the return on assets is much higher than that of entities, people are no longer willing to engage in economy. Doing business in a down-to-earth manner, but speculating in real estate and stocks.

As a result, Thailand's technical level and labor productivity have not improved, but its asset prices have been highly speculated. At the same time, due to the continuous appreciation of the Thai baht, people who buy assets enjoy two benefits. You not only enjoy the rise in asset prices, but also enjoy the appreciation of the exchange rate. As long as you sell your assets, you can buy more things abroad.

The price didn't go up forever. The exchange rate did not rise indefinitely, when investors thought that the bubble was big enough, the Thai exchange rate was too high and the value of Thai assets was too high. It is possible to withdraw funds. This is when the bubble bursts.

What is the moment when the funds are withdrawn? This is closely related to the US dollar, which is the global settlement currency.

For example, when the Federal Reserve lowered interest rates. Note that whether the Fed raises or lowers interest rates depends entirely on its own domestic economic situation. He doesn't care what other countries in the world are like. Even if your Thai economy is already poor, it will increase. Even if Thailand's economy is good, he may be in good health.

When Americans release liquidity and more money, the world will be flooded with dollars, and investors will convert dollars into Thai baht, which will lead to overheating of Thailand's economy. Asset prices are high.

When the asset price in Thailand is high enough, Americans may raise interest rates again, which may be a tipping point, because international investors may think that the exchange rate in Thailand is too high and the asset price in Thailand is high enough. Now that the US dollar has raised interest rates, the cost of debt repayment has become higher, so I quickly switched back to US dollars. Once the dollar was exchanged, the Thai baht collapsed and Thai asset prices fell. The wealth of the Thai economy in recent years may be taken away with the exchange.

The international economy goes round and round, with the United States as the center, providing liquidity. Second only to Japan, Europe and other countries provide scientific and technological products. And countries like China may provide the production of this part of science and technology products and low-end products. Marginal countries may be countries that sell primary products and resources.

This is often the way to sell resources. Countries that sell primary products are not attractive and the return on investment is not high. It depends entirely on the faces of other countries. Once Americans release water, they will be full of liquidity, high prices and good economy. Once Americans pump water, their economy may turn cold and deflation. There is no way, no technology, no core competitiveness, no liquidity, and it can only be slaughtered.

Conclusion. The hegemony and strength of the dollar is the result of historical action. It is linked to gold first, and then to oil. With a large number of international payments in recent years, people have become more and more convinced of the US dollar and more accustomed to using it, which has become a belief and concept. It's hard to change in the short term.

The essence of exchange rate is a kind of price. More people buy, the price will naturally rise, and more people sell, the price will naturally fall. As the United States is an international currency, its cycle of raising interest rates, lowering interest rates, raising prices and falling prices. It has affected currency prices all over the world.

In fact, the financial crisis in Thailand at that time was caused by the release and appreciation cycle of the US dollar. Thailand overvalues its currency, and once the dollar is released, Thailand's return on investment will be high. When Americans raise interest rates and take away liquidity, Thailand's wealth is taken away, and chicken feathers are everywhere to be sheared.

Muyu can explain the main logic of dollar appreciation to you, and then can tell you that it is not terrible.

The value of any asset is based on its absolute and relative actual value. Absolute means that such things must be useful, for example, gold can be made into jewelry, for example, dollars can buy things, and the whole world is hard currency. Relativity means scarcity, so the scarcity of gold has been increasing relative to money, because the issuing speed of money is much higher than the mining speed of gold.

Therefore, when it comes to the dollar, the Fed provides unlimited liquidity, and the dollar is desperately printing money. However, in the world, other countries print more money, which will lead to the scarcity of the US dollar in the world monetary system and improve it. Moreover, the dollar is the currency of the world, so its bubble and inflation are borne by the whole world. How much US dollars are printed is also needed by billions of people, rather than each country's own currency only needs its own country. Therefore, the strength of the United States is also largely based on a strong dollar.

The economic crisis caused by the current epidemic has not made the United States fall from the throne of the world's number one power, so they still rely on their strong political, economic and military capabilities to make the US dollar a world currency. Therefore, logically speaking, the US dollar is still stronger than other currencies. Perhaps only China's RMB recovered from the epidemic has not really depreciated against the US dollar.

What is interesting is the relationship between the dollar and the price of gold. At present, the general quotation of gold still depends on the futures price in the New York Mercantile Exchange. However, the price of gold depends largely on the gold inventory announced by the Federal Reserve and the expectation of the future liquidity of the US dollar. In the early days when the dollar was most liquid, gold had reached a new high. Now gold can no longer reflect its true comparative value relationship with the US dollar, and more importantly, it reflects a market expectation.

Now the US dollar has obviously stabilized in the past two or three months, but it can be seen that it actually fell from a relatively high position. And there is no certain seesaw relationship with the price of gold.

Now we can analyze what problems the appreciation of the US dollar will bring. The biggest impact of the appreciation of the dollar is its relative value, that is, the value of other currencies and precious metals decreases relative to the dollar. Capital is naturally profit-seeking. If your local currency doesn't appreciate, capital will throw away your local currency and buy dollars, that is, foreign exchange will flow out to the United States. As a hedging tool, gold will also fall in the price of the dollar, but for the domestic currency that has not appreciated, the price of gold may not change. Therefore, if you are not an American, what you need to care about is whether your national currency will depreciate sharply against the US dollar.

As for China, I don't think we need to worry too much. Because the renminbi is also appreciating, the recent appreciation trend of the renminbi against the US dollar is extremely strong. Therefore, if the US dollar appreciates, at most, it will slow down or restore some of the previous appreciation space, and the value of renminbi assets will not decline. This is also our advantage in effectively controlling the epidemic, economic recovery and even positive GDP growth. Other countries with poor epidemic recovery may really need to worry, especially developing countries with insufficient foreign exchange reserves.

There is another way to reduce your worries about the appreciation of the US dollar, and that is to directly invest in US stocks. Opening an account is very troublesome. What should I do? You can buy S&P 500etf or invest in China Internet etf. The former is 65,438+0,000% invested in the US stock market, which is equivalent to holding US dollar assets, while most of the latter's investment will be used to invest in Alibaba, JD.COM and Pinduoduo listed in the US, and large Chinese and foreign Internet also belongs to US dollar assets. Of course, there are NASDAQ ETFs, but the premium of this product is too high, so it is no longer recommended here.

The appreciation of the dollar may be brewing a dollar crash.

In the last two weeks, the US stock market plummeted, and the Dow Jones index plunged 10000 points in one month, a decrease of 34%. But at the same time, a strange phenomenon appeared in the market, that is, the US dollar index rose sharply. How come...

The more popular explanation is the relationship between supply and demand, that is, the demand for dollars has risen sharply in the short term, and the demand for dollars is in short supply, so the exchange rate has risen. The arguments in support of this view include:

Return of bailout funds: US stocks plummeted, and some of the capital that used leverage to make more US stocks faced the risk of short positions. These capitals need to mobilize funds from all over the world to replenish the margin, so as to avoid short positions and stimulate short-term demand for dollars.

The inflow of bargain-hunting funds: Buffett said: others are afraid when they are greedy, and others are greedy when they are afraid. The plunge in US stocks triggered market panic, but it also saw opportunities for greedy capital. Not only is the stock price discounted, but the sharp interest rate cut in the United States will reduce the financing cost, which will trigger a batch of bargain-hunting funds to return.

Inflow of safe-haven funds: The plunge in US stocks will trigger market risk aversion, but globally, the situation in Europe seems to be worse than that in the United States. Although the China epidemic has been controlled, the RMB is still not freely convertible. It seems that holding US dollar cash is still the best safe-haven scheme, which will also increase the demand for US dollars.

Therefore, according to the above logic, it seems reasonable that the US stock market plummeted and the US dollar soared. But if you think so, you may ignore the major risks hidden in this situation, because the sharp decline of US stocks is a long-term fundamental, while the sharp rise of the US dollar reflects the short-term imbalance between supply and demand in the market, because under normal circumstances:

1, a country's stock market decline will make international capital outflow, and its currency depreciation is normal.

2. Furthermore, in order to save the market, the Federal Reserve directly cut interest rates sharply, which means that the yield of US dollar deposits has dropped, and the US dollar is under depreciation pressure.

3. The Federal Reserve has also taken major measures such as quantitative easing. Quantitative easing means money injection. Under normal circumstances, this policy will lead to currency depreciation.

Therefore, the abnormal phenomenon of the US stock market plummeting and the US dollar soaring is doomed to be unsustainable. Considering the decline of US stocks, the decline of the US dollar is a long-term trend of the market, and the surge of the US dollar is a short-term trend, this temporary balance will soon be broken. Once broken, it will shake the earth.

Behind the dollar is a dark muzzle and a bright bayonet.

Of course, if Americans see this statement, they will definitely laugh. They have already become powerful missiles and nuclear weapons capable of destroying mankind.

1, gold dollar. The Bretton Woods system is to assume that all the gold in the world belongs to the United States. After World War II, the United States first put forward a set of economic and financial rules. The dollar has become an international settlement currency, linked to gold, and the United States has both hard and soft methods, requiring all the gold in the world to exist in the United States. It means, let the world know that the dollar is gold and it is the dollar.

2. Petrodollars. In the 1970s, the United States announced that the dollar was decoupled from gold, and instead, the dollar was bound to oil. The United States has used political, military and scientific forces to control all aspects of the world's oil resources and oil transportation funds, especially in the Middle East. For disobedient Russia, Iran and Venezuela, they tried their best to suppress subversion.

3, blood dollars. After the disintegration of the Soviet Union, the ruble was worthless, and the United States took the opportunity to plunder the assets of the Soviet Union. Zimbabwe's currency collapsed, the dollar became popular, and the wealth of the whole country became a Chinese dish in the United States. Therefore, it is understandable why the United States is keen to export "democracy" and "color revolution" to the world. If a country falls into chaos, economic crisis and inflation, then it will become the world of dollars and the world of America.

It is often said that letting people see the essence of American imperialism will make them more sober when they pour intoxicating soup in the United States.

The Fed's recent zero interest rate is to alleviate the risk of a run on the current US stock investment market. Recently, the exchange rate of offshore USD against RMB once again broke through the down limit of 7. 1 and rose to 7. 16 at the highest. The purpose behind the appreciation of the US dollar is to ease the liquidity difficulties in the current US capital trading market. Therefore, as long as we understand this logic and order, the appreciation of the dollar is not a terrible thing.

Starting from 20 19, the trump administration announced the priority strategies of the United States, including the current business. So we can see that since 20 19, the return of dollar assets has been the main theme of American business layout. In order to attract these multinational companies, he moved some overseas industrial chains and basic manufacturing industries back to the United States. At present, the US Federal Reserve must go higher, because it is conducive to the conversion of these dollar assets and to the wool of other economies in the world.

Moreover, judging from the current exchange rates of the US dollar against other major economies, including the yen and the euro, as well as the pound and the ruble, there is no need to be surprised by the current appreciation of the US dollar, because this is one of the related reactions caused by the current quantitative easing policy. The law of the dollar settlement system is that it can transfer some asset conflicts in the United States to other economies in the world, which is also the core reason why the US government tries its best to protect the dollar settlement system.

The dollar index has been very eye-catching recently. After the COVID-19 epidemic spread around the world, it first dropped from 100 to 95, and then it began to rise violently. At present, it has risen to the high level of 103. Why did the dollar appreciate, and will it continue to appreciate later? What terrible consequences will the appreciation of the dollar bring?

Why did the dollar appreciate?

After the COVID-19 epidemic began to spread around the world, investors realized that the global economic recession was inevitable, and the US dollar was bound to release water, so the US dollar index began to fall.

From March 9, central banks and investors began to abandon risky assets and buy US Treasury bonds and US dollar cash instead, because cash is the most instinctive and reliable choice. As a global reserve currency, the US dollar is still highly sought after even though the Federal Reserve has reduced its interest rate to zero.

According to the data of March 16 of the US Treasury Department, in June 2020, 65438+ 10, the net capital flowing into the US was122.9 billion US dollars, and in February it was 78.7 billion US dollars. Among them, Japan increased its holdings by US$ 56.8 billion in June 5438+ 10, and its holding scale reached US$1217 trillion, ranking the largest holder of US debt overseas for eight consecutive months. In June, Britain increased its holdings by 40 1 billion USD 5438+0.

After the outbreak of COVID-19 in February, central banks and institutional investors from all over the world bought US Treasury bonds in succession, resulting in the 0-year yield of US Treasury bonds 10 falling to 0.755% and the 30-year yield being negative. This is why the dollar will appreciate.

Will the dollar continue to appreciate in the later period?

Why do people choose to trust the dollar in times of crisis? In 20 18, the GDP of the United States was $20.5 trillion, the currency circulation of the United States was 14.46 trillion, the GDP of the euro zone was13.66 trillion, and the currency circulation of the euro zone was 13.4 trillion. The M2/GDP of the United States is 70.5%, and that of the euro zone is 98%. As can be seen from the above data, the issuance of the US dollar is obviously more restrained, which is also the reason why the US dollar is relatively strong and difficult to depreciate.

In fact, if there is a global economic recession, then the currencies of various countries will inevitably depreciate competitively against the US dollar, so the US dollar will continue to appreciate with the deepening of the recession in the later period.

What terrible consequences will the appreciation of the dollar bring?

After the US dollar index broke through the long-term resistance level of 98 points, it has already started a big bull market, and the market outlook will fluctuate and rise repeatedly, which is independent of people's will. What terrible consequences will the appreciation of the dollar bring?

If the dollar continues to appreciate in the later period, it will attract more global funds to hedge against the dollar, which will be unfavorable for countries to get rid of the economic crisis. The crisis in various countries will continue to deepen, which is equally unfavorable for the United States to finally get rid of the crisis. Of course, it is beneficial for US dollar capital to harvest wool in the future and annex cheap capital.

Generally speaking, the appreciation or depreciation of the US dollar actually refers to the US dollar index, which is an index that comprehensively reflects the exchange rate of the US dollar in the international foreign exchange market and is used to measure the degree of exchange rate changes of the US dollar against a basket of currencies.

1, the appreciation of the US dollar stimulated the return of the US dollar. If the dollar continues to appreciate and global capital flows to the United States, the worst case may trigger an economic crisis in emerging economies. Emerging economies need strong international capital investment to stimulate economic growth and stabilize the job market.

2, the appreciation of the dollar, the benefits to the United States. The appreciation of the dollar means that the purchasing power of the same amount of dollars increases. For example, a chestnut: 1 US dollar is exchanged for 2 euros, an apple imported from France is 2 euros on American shelves, the price in American food market is 1 US dollar, and the American people spend 1 US dollar to buy one. Now that the dollar has appreciated, 1 dollar is 4 euros, or an apple imported from France is 2 euros. The price tag of the American food market is $0.50, and the American people spend 1 dollar to buy two apples.

If Americans spend more, their purchasing power is enhanced and their expenditure is increased, it can promote American enterprises to increase their income, profits and employment levels, which is also good for the American stock market.

3. The appreciation of the US dollar is unsustainable. Trump represents the interests of industrial capital. The appreciation of the US dollar will inevitably affect the export market, affect the economic growth of the United States, and weaken the international competitiveness of domestic products.