"What Made America Great was free trade. Let's remember that." [updated]

"Trump uses the expression 'the mighty dollar.' A mighty currency does not need threats to retain its might.
    "The same with the dollar. Trump's bluster gives the impression of weakness.
    "When a country allows its producers to sell to consumers in America, there is no 'sucker.' Not the foreign govt, not the US government, not the foreign seller, not the American buyer.
    "What Made America Great was free trade. Let's remember that.
    "American power--like Britain's power before it--was built in trade not on threats. The more a country operates by forcing other countries to sacrifice their interest for the alleged interest of the country, the more it squanders its power, weakens itself.
    "Production and trade are positive-sum games. The more everyone does it, the richer they all get. Threats, coercion, tariffs, trade wars (and actual shooting wars) are negative-sum games. The more countries engage in it, the more impoverished and weaker they become."

~ Keith Weiner on the BRICs

UPDATE: Trump's defence of 'the mighty dollar' was in response to BRICs "threat" to change the world's reserve currency. But as Brad Sentser points out, "the biggest threat to the dollar's current global role ... is likely to be Mr. Trump."

"What could threaten this role?

    "Well,... fiscal irresponsibility in the US -- which would turn US Treasuries from a high yielding safe asset into a moderate yielding risky asset.

    "But the other big risk was highlighted by Mr. Trump's threat to tariff the BRICs for a nothing burger/ vapor ware .

Threats go both ways. Trump threatens former trading partners for doing something they already do voluntarily, i.e., denominate trade in US dollars. Yet "a US that trades less intrinsically makes the 'global' dollar a bit less attractive ... and forcing countries to do something that they now do voluntarily risks prompting countries to reconsider the risk associated with their voluntarily choice."

To paraphrase FDR, the only thing 'mighty dollar' advocates like Trump need to fear is Trump himself.