Did the White House Really Claim that the Fed Trades in Currency to Control the Rate of Economic Growth?

That is what readers of the NYT must be wondering. According to the NYT, the White House strongly objected to a bill that would be attached to fast-track authority which would require the government to impose tariffs to offset the effect of currency management by other countries. (If a country deliberately reduces the value of their currency against the dollar by 10 percent, it has the same impact as imposing a tariff of the same size and providing a 10 percent subsidy on its exports.)

The ar...