From today’s WSJ:
For years the U.S. has been one of the most expensive places in the world to make cars. But the new contracts with the United Auto Workers union signed last fall significantly improve the global competitive position of Big Three plants. The weaker dollar, which makes production in the U.S. less expensive, is also helping to turn the economics of domestic production upside down.
… Detroit’s improved competitive position has sparked concern among foreign manufacturers, which do not use unionized U.S. workers. Toyota Motor Corp. is now pushing to lower labor costs in the U.S., say people familiar with the matter.
Later this year, GM will begin shipping the Buick Enclave, a seven-passenger crossover sport-utility vehicle made in Lansing, Mich., to China, where the Buick brand is a big seller. GM hopes eventually to export as many as 25,000 Enclaves a year to China, said Dee Allen, a GM spokesman. …
Okay, so maybe we can’t devalue our way to prosperity. But it sure looks like we can devalue our way to an export revival.