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Trump Challenges Canadian Dollar Imbalance Amid Trade Dispute
(MENAFN) US President Donald Trump criticizes what he describes as an unfair exchange-rate gap between the Canadian and US currencies, saying the situation is no longer acceptable as trade tensions between the neighboring countries continue to grow.
"Canada's (currency) Dollar imbalance with the US is unacceptable," Trump wrote on his social media platform Truth Social. "It has been that way for years - but no longer!"
Trump does not provide further details about the specific imbalance he is referring to.
The Canadian dollar has generally remained weaker than the US dollar over much of the past 15 years. Its long-term average has been around 1.24 Canadian dollars per US dollar. Since 2015, the Canadian currency has typically traded within a range of about 1.20 to 1.45 against the US dollar.
The Canadian dollar briefly reaches or exceeds parity during part of the commodity boom between 2007 and 2012, when it becomes stronger than its US counterpart.
Currently, the US dollar is trading at approximately 1.38 Canadian dollars, placing the value of one Canadian dollar at around 72 US cents.
A weaker Canadian currency gives Canadian exporters an advantage by making their products less expensive for US consumers, while increasing the cost of US goods for buyers in Canada.
Trump has repeatedly raised concerns about the US trade deficit with Canada as the two countries remain involved in an ongoing trade dispute.
"Canada's (currency) Dollar imbalance with the US is unacceptable," Trump wrote on his social media platform Truth Social. "It has been that way for years - but no longer!"
Trump does not provide further details about the specific imbalance he is referring to.
The Canadian dollar has generally remained weaker than the US dollar over much of the past 15 years. Its long-term average has been around 1.24 Canadian dollars per US dollar. Since 2015, the Canadian currency has typically traded within a range of about 1.20 to 1.45 against the US dollar.
The Canadian dollar briefly reaches or exceeds parity during part of the commodity boom between 2007 and 2012, when it becomes stronger than its US counterpart.
Currently, the US dollar is trading at approximately 1.38 Canadian dollars, placing the value of one Canadian dollar at around 72 US cents.
A weaker Canadian currency gives Canadian exporters an advantage by making their products less expensive for US consumers, while increasing the cost of US goods for buyers in Canada.
Trump has repeatedly raised concerns about the US trade deficit with Canada as the two countries remain involved in an ongoing trade dispute.
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