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5 places to travel while the US dollar is strong to get the most bang for your buck

6 December 2024 at 17:20
City with mountains in background.
The US dollar is especially strong in Argentina.

Hans Neleman/Getty Images

  • The strong US dollar can go further in countries with weaker currencies.
  • Americans looking for value in their travel plans may want to consider exchange rates.
  • Here are some popular tourism destinations where the US dollar goes far right now.

The US dollar is strong right now, meaning Americans' spending in countries with weaker currencies could go further, making it a convenient time to consider taking that impromptu trip you've been dreaming about.

Some Americans are already seizing the moment.

"American travelers are looking for value right now," Amir Eylon, president and CEO of Longwoods International, a market research consultancy that specializes in the travel tourism industry, told Business Insider.

Historically, the value of currencies can influence travel behavior. A weaker currency generally attracts travelers, but makes it more expensive for the residents of that country to travel abroad. Likewise, a strong currency can raise outbound travel demand, but might deter international tourists from visiting that country.

Eylon said demand for leisure travel is still around record highs, but that more and more Americans say they are actively seeking out value and deals when they plan trips. A place with a weaker currency compared to the US dollar is one way to maximize that value.

Here are five popular tourism destinations where Americans can take advantage of the strong US dollar.

Japan

Japan is often considered an expensive destination for Americans due to the long flight and accompanying airfare, but the weak Japanese yen has fueled a surge in tourism and international travelers visiting the country.

Japan attracted a record number of tourists in the month of October, with 3.31 million visitors, according to the Japan National Tourism Organization.

As of writing, $1 was equal to about 150 Japanese yen.

Egypt

Egypt, a common bucket list travel destination, is among the countries where the US dollar goes the furthest right now, according to data compiled by NetVoucherCodes, a British travel deal site that analyzes exchange rate trends.

The strength of the US dollar compared to Egypt's currency has increased by 207.5% in the past five years, according to the site.

As of writing, $1 was equal to about 50 Egyptian pounds.

Argentina

Argentina's peso hit a record low this year, making it a cost-effective place for an inflation vacation, as The Wall Street Journal previously reported. An Airbnb spokesperson told the outlet the number of nights booked by Americans in Argentina increased by 40% in the first few months of the year.

The value of the US dollar against the Argentine peso has risen by $1,589% in the past five years, according to NetVoucherCodes.

As of writing, $1 was equal to about 1,012 Argentine pesos.

South Africa

South Africa's currency has also declined significantly in value compared to the US dollar, making the country's famous safaris potentially more affordable for wildlife lovers.

The exchange rate of the dollar to the South African rand is up about 23% over the past five years, according to NetVoucherCodes.

As of writing, $1 was equal to about 18 South African rands.

Brazil

The US dollar will also go further in Brazil, where the Brazilian real recently reached an all-time low. Tourists are taking advantage, with the country seeing record spending by foreign visitors in the first eight months of the year.

In the past year alone the exchange rate of the US dollar against the real rose by about 22%, according to NetVoucherCodes.

As of writing, $1 was equal to about 6 Brazilian reals.

Read the original article on Business Insider

Trump is now threatening 100% tariffs on the BRICS group — which comprises 9 emerging market countries

30 November 2024 at 14:00
President-elect Donald Trump in Washington.
President-elect Donald Trump is pushing back against any effort to undermine the US dollar.

Andrew Harnik/Getty Images

  • Trump on Saturday floated "100% tariffs" on the BRICS group of emerging markets.
  • Trump is pushing back on efforts to dethrone the US dollar as the primary global reserve currency.
  • Trump's remarks come as the BRIC nations seek to flex their economic strength on the global stage.

President-elect Donald Trump on Saturday lashed out at the BRICS group of emerging market countries, threatening to impose 100% tariffs if they try to "move away" from the US dollar.

BRICS comprises nine countries β€” Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates β€” which are aiming to flex their economic power in a world where the US dollar continues to reign supreme as the leading global reserve currency.

Amid Russia's push for BRIC nations to curb the international dominance of the US dollar, Trump took to his Truth Social platform to decry such a move.

"The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER," he wrote. "We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy."

The president-elect continued: "They can go find another 'sucker!' There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America."

During an October summit of the BRICS nations, Russian President Vladimir Putin accused the United States of "weaponizing" the dollar.

"It's not us who refuse to use the dollar," he said at the time, according to The Associated Press. "But if they don't let us work, what can we do? We are forced to search for alternatives."

Trump's latest remarks came just days after he threatened 25% tariffs on imports from Canada, China, and Mexico, the top three trading partners of the United States. Trump pressed the three countries on the flow of drugs and illegal migrants coming into the United States.

Justin Trudeau, Canada's prime minister, spoke with Trump earlier this week following the president-elect's pledge to target his country β€” and touted the long-standing relationship between the two countries. Trudeau later reiterated that tariffs would hurt both Canadian and American consumers.

On Friday, the prime minister traveled to Trump's Mar-a-Lago estate in Florida, where he said he had an "excellent conversation" with the president-elect.

Trudeau's office said in a statement that the prime minister and Trump "shared a productive wide-ranging discussion."

"As Canada's closest friend and ally, the United States is our key partner, and we are committed to working together in the interests of Canadians and Americans," the statement continued.

Mexican President Claudia Sheinbaum, meanwhile, also spoke with Trump on Thursday, saying afterward that "there will not be a potential tariff war" between Mexico and the United States.

Read the original article on Business Insider

Elon Musk says there's substantial ignorance about America's national debt

27 November 2024 at 10:40

Business magnate Elon Musk, who has been sounding the alarm about America's gargantuan, ever-expanding national debt, claimed that many people are unaware of the problem.

"A significant % of people don’t even know that there is such a thing as a national debt!" Musk declared in a post on X.

"Those that do often don’t know how big it is or that our interest payments now exceed what we spend on our military. Only a small % understand that government overspending causes inflation," he added.

ELON MUSK WANTS TO MEET ALEX SOROS β€” AND SOROS SAYS HE'S OPEN TO IT

The national debt has soared past $36 trillion.

"America is going bankrupt fast," Musk warned in another post.

"The excess government spending is what causes inflation! ALL government spending is taxation. This is a very important concept to appreciate. It is either direct taxation, like income tax, or indirect via inflation due to increasing the money supply," he asserted in a tweet earlier this month.

US NATIONAL DEBT HITS A NEW RECORD: $36 TRILLION

In another post, Musk said, "If we don't tackle the national debt, all tax revenue will go to paying interest and there will be nothing left for anything else."

If the issue isn't addressed "the dollar will be worth nothing," Musk warned in a tweet earlier this year.

President-elect Trump tapped Musk and former GOP presidential primary candidate Vivek Ramaswamy to helm the Department of Government Efficiency (DOGE), an effort meant to root out government waste.

ELON MUSK AND VIVEK RAMASWAMY APPROVE THE β€˜VERY REASONABLE PROPOSAL' TO ABOLISH DEPARTMENT OF EDUCATION

Trump said in a statement that DOGE "will provide advice and guidance from outside of Government, and will partner with the White House and Office of Management & Budget to drive large scale structural reform, and create an entrepreneurial approach to Government never seen before."

In a Wall Street Journal opinion piece, Musk and Ramaswamy noted that they will work "as outside volunteers, not federal officials or employees."

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