The Trump administration would like us to believe that the dollar’s rise reflects faster economic growth, driven by deregulation, tax cuts, and expanded defense spending. But, if anything, Trump's economic agenda is creating inflationary pressure and undercutting the "exorbitant privilege" that the dollar has long conferred on the US.

SANTA BARBARA – Having gained more than 8% in value since the start of the year, the US dollar is nearing highs not seen in more than a decade, and market indicators point to even more appreciation in the coming months.