In a recent article (“The Global Role of the Dollar After the Tramp Tariffs”) I discussed the possibility of a “Mar-a-Lago” accord, proposed by President Trump’s adviser Stephen Miran with the aim of depreciating the dollar to help American industry regain competitiveness. The rationale is that the perpetual capital inflows to the US from its trading partners, reflecting the global demand for foreign exchange reserves, make the dollar chronically overvalued and cause a current account deficit.

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