How Can Biden Bring Back Manufacturing Jobs? Weaken the Dollar
Critics of a strong currency say it hurts American factory workers by making imports cheap.
Revere Copper Products in Rome, N.Y., once had two plants and nearly 600 workers. Today the company employs about 300 and operates only one plant.Credit.Joshua Rashaad McFadden for The New York Times
March 1, 2021
President Biden has made reviving American manufacturing a top priority. To deliver, he may first have to deal with something even more fundamental to the U.S. economy: the strength of the dollar.
Because a strong dollar lowers the price of imports and raises the price of exports, it gives foreign companies an advantage over American competitors and can drag down U.S. employment.