Donald Trump may have a point: the dollar is indeed strong.Judging from the Federal Reserve's own trade-weighted dollar index,the U.S. currency is now around 7 percent above its four-decadeaverage.

A strong dollar isn't necessarily detrimental to the economy,but it may torpedo Trump's vision to revive America's manufacturingsector. Before his comments to the Wall Street Journal that thestrong dollar is “killing” the ability of U.S. companies tocompete, the 22 percent appreciation since mid-2014 had alreadyworsened the trade deficit, while the full effect hasn't yetpercolated into the real economy.

What can Trump and his administration do if they want a weakerdollar? Here are five options.

1. Jawboning

Talk is cheap, but it has worked for Trump — sofar. If history is any guide, traders stop listening to governmentofficials and central bankers in the absence of concrete policiesthat target exchange rates.