With a few words in his State of the Union speech, President Barack Obama crushed the hopes of anyone waiting for a stronger dollar. "Tonight, we set a new goal: We will double our exports over the next five years, an increase that will support two million jobs in America," he said to applause.
There are two ways to interpret that pledge.
On one hand, the commitment is unambiguously positive, especially for the small businesses and farmers that Mr. Obama said would be the main beneficiaries of his export-boosting efforts. If the President is successful, the world can only benefit from...
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