Boeing’s troubles could drag down US dollar, Peter Schiff tells RT’s Boom Bust
Last week, US Treasury Secretary Steven Mnuchin warned that the situation with the company could cut the country’s GDP this year by half a percentage point, as it is one of the largest US exporters.
Moreover, the company’s troubles may also weaken the dollar, the chief global strategist at Euro Pacific Capital, Peter Schiff, believes.
“Over the long term there’ll be a recovery, but in the short run certainly this will weight on our exports, which could also weigh on the dollar,” he told RT’s Boom Bust. “I’ve been thinking that the US dollar was headed lower anyway, but if we end up with bigger trade deficits, in part because we have fewer exports of aircraft, that is going to be another factor of many that I think will be weighing down the dollar and the US economy.”
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