Asian currencies are facing a depreciation trend under the strong US dollar, and if Trump is elected in the second half of the year, this situation may be reversed.

According to media reports on Wednesday, Trump's advisory team, with former trade director Robert Lighthizer as its core, is planning a policy of devaluing the U.S. dollar relative to other currencies, which may stimulate U.S. exports but also exacerbate inflation.

Robert Lighthizer is a veteran steel industry trade lawyer who served as U.S. Trade Representative in the Trump administration and is one of the few advisers most likely to return to Trump's second administration. He has publicly endorsed the view of dollar depreciation in his writings. He believes that the dollar is obviously overvalued and the United States can take measures to correct this imbalance.

Analysis points out that purposefully devaluing the U.S. dollar by forcing other countries to change the value of their own currencies would be Trump's most radical proposal in trying to reshape global trade. These potential measures would go beyond the tariffs of Trump's first term and the massive subsidies for clean energy enacted by Biden.

Nearly every former Trump administration official has stressed that currency revaluation is likely to be a priority for Trump in his second term. A weaker dollar will make U.S. exports cheaper, reducing the U.S.'s massive trade deficit. Media reports said Lighthizer was considering methods including unilaterally weakening the dollar or threatening tariffs through negotiations with foreign countries.

Trump has previously threatened that if he wins the White House again, he will impose a 10% tariff on all imported goods and impose reciprocal tariffs on trading partners with higher tariffs such as the EU, launching "tit-for-tat" tariffs.

The analysis pointed out that theoretically, the depreciation of the US dollar can be achieved through various channels. Lighthizer has previously outlined his vision to try to reach compromises with foreign governments on currency issues, similar to the 1985 Plaza Accord struck by the Reagan administration, which weakened the dollar relative to the yen and European currencies. The analysis pointed out that if Lighthizer and others re-enter the White House, a similar agreement will become "their goal."