The latest CPA Currency Misalignment Monitor for July 2024 found that the U.S. Dollar (USD) is overvalued by 16.9%, based on the latest monthly exchange rates. This overvaluation of the USD provides a hidden subsidy for importing goods into the United States. The overvaluation also essentially puts a tax on U.S. exports. Due to the higher value of the USD, U.S. goods are more expensive and consequently less competitive in foreign markets.

In the first five months of 2024, the United States has collected $30 billion in customs duties from tariff programs (both general customs duties and tariffs introduced to protect U.S. economic security, i.e. Section 201, 232, and 301). However, this $30 billion tax on imports to help protect domestic production is far outweighed by the effect of the USD overvaluation. The USD overvaluation effect has amounted to $220 billion in import subsidies and $144 billion in export penalties ($364 billion total) for January 2024 through May 2024.

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