22h ago

Euro and pound rise against dollar amid ‘Trumpcession’ fears

www.theguardian.com Euro and pound rise against dollar amid ‘Trumpcession’ fears

US currency has lost all the gains it enjoyed since Trump won election and hits lowest level since mid-October

"The European single currency rose by a cent to $1.093, breaching the $1.09 barrier for the first time since Donald Trump won the presidential race. Sterling hit $1.295, its highest since 8 November." (...)

"The “Trump trade” that sent the dollar soaring after his victory has unwound, as the imposition of US tariffs against Canada, Mexico and China and the threat of levies against European trading partners have triggered fears of an American recession."

Economics @lemmy.world

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23h ago

Euro and pound rise against dollar amid ‘Trumpcession’ fears

www.theguardian.com /business/2025/mar/11/european-markets-euro-dollar-trumpcession-us-shares

22 1

12 comments

This is how Truss got ejected in the UK.
As we know, it's the capitalists that have power. So when she made policy that tanked the markets her days were numbered. Her support within the party crumbled and her position was untenable.
US president is a much more secure position than prime minister. However, if republicans see their donors running away Trump is finished.

Is this making America great again?
- Been in Reddit a moment ago. Someone asked on AskReddit about this to conservatives.
  Sorting by contraversial, because that's where the real answers are, I found two general responses:
  I didn't vote for Trump because money. I voted for him to stop wokeness.
  Trump only just started fixing the mess. This is all part of the plan and we'll come out on top.
  (By "mess" it seems they mean "everything Biden did" and "everything that existed before Trump's first term")
- according to at least Varoufakis, that's actually part of the plan.
  I don't pretend to be smart enough to understand this completely but the way I get it: if the dollar depreciates and (eg) the Euro becomes stronger, then people in the EU will find it more convenient to buy US goods, basically offsetting the effect of the tariffs that the EU has applied to counter US ones.
  On the reverse, US tariffs + strong Euro will make it even less convenient for people in the US to buy goods from the EU. This, in Varoufakis's interpretation of Trump's plan, will help rebalance the trade deficit of the US vs these other countries.
  
  But this makes everything in the states cost more too.
  
  This would also have the effect that the USA work force is mainly useful for low wage labor, would it not? Basically turning the USA back into a third world country that can be exploited for cheap labor. But I guess that is what so many USA citizens would like and vote for 🤷‍♂️
- Make America Grief Again

Swastacar and Trumpcession should share Word of the Year awards.

Probably Trump:
Thanks Obama.

Our glorious leader is such a genius.

12 comments