Before COVID-19, President Trump was not a fan of the high U.S. dollar. He stated:
As your President, one would think that I would be thrilled with our very strong dollar. I am not! The Fed’s high interest rate level, in comparison to other countries, is keeping the dollar high, making it more difficult for our great manufacturers like Caterpillar, Boeing,…..
Post COVID-19, the U.S. will have to pay interest on an increased amount of debt. It will not want high interest rates. Lower interest rates relative to other countries lead to a lower currency value.