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I don't think it does. The substack you linked posited that trump's team are smooth-brains because they canceled out those potential elasticity terms, and are literally just setting tariffs based on the pure trade deficit.
Well the currency saving aspect is what makes it not really a truly free floating exchange rate (whether their intentions are to manipulate or not). It can be a bit messier in the real world, but the pure logical premise of a floating exchange rate is that if one side is exporting more than the other, then their currency is going to appreciate (more buy-pressure on their currency in the foreign exchange market and more sell-pressure on the net-importing country's currency). And eventually that prices their exports out of competitiveness, and/or makes the import-country's exports such a value that they start to out-compete, until the imbalance disappears.
Just googling for a basic source, here's an old paper from 1982 that explains the logic & evidence pretty well:
I would think it to be impossible to run sustained trade surpluses against another country, without simultaneously saving in their foreign currency. But I'd be interested if I'm wrong in that.
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