Since Donald Trump was elected president, the value of the U.S. dollar is up about 4 percent against the currencies of our trading partners. And that "Trump bump" in the dollar is an extension of longer-term trend wherein the greenback is up 20 to 25 percent, depending on the basket of currencies to which you compare it, since mid-2014.
U.S. presidents, and especially their Treasury secretaries, are hidebound by tradition to profess their undying love for a strong dollar. Perhaps the new president will buck (hee-hee) this trend, because lemme tell you: The strong dollar, which makes our exports less competitive in foreign markets, is no friend of Trump's.
During the campaign, Trump ran hard against the U.S. trade deficit, or exports minus imports, last seen at about $500 billion, about -2.5 percent of GDP. Our trade deficit is exclusively in manufactured goods; we have a surplus in services (financial services, entertainment, including royalty fees, intellectual property, airline fares). I raise that because the linkages among the trade deficit, the loss of manufacturing jobs and the dollar are what connects the trend you see in the figure to potential headaches for the next president.