January 25, 2018 / 11:21 AM / 10 months ago

France's Le Maire offers veiled warning on U.S. dollar weakness

DAVOS (Reuters) - French Finance Minister Bruno Le Maire sent a veiled warning about the weakening trend in the U.S. dollar on Thursday, saying it was preferable for currencies to reflect the underlying performance of their economies.

“We want currency levels to reflect economic fundamentals,” Le Maire told reporters at a briefing at the World Economic Forum in Davos. “That is the position of the G7 and I hope it is still the position.”

His comments appeared to be a response to U.S. Treasury Secretary Steven Mnuchin’s aside on Wednesday, as he arrived in Davos, when he welcomed the weakening of the U.S. dollar - a move that is likely to boost U.S. exports.

Le Maire also reiterated concerns about U.S. tax reform leading to a “race to the bottom”, saying that “fiscal dumping” was a dead-end. He said the United States had signalled a willingness to discuss European concerns about the issue.

U.S. President Donald Trump arrives in Davos for talks on Thursday.

Reporting by Noah Barkin; Editing by Luke Baker

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