The devalued dollar definitely raises the cost of imports for any import from a country that their currency is strong compared to ours. For it to affect domestically produced items we also have to have inflation at work. As long as their is no inflation it should not affect domestically produced products. It is a whole nuther discussion if we have much inflation or not. Were told we have not had much inflation but most consumers will beg to differ.

One weird twist to the whole dollar devaluation situation is that China has been for years monkeying with their currency to keep it in line with the US dollar so as to not affect the export of their goods to us (they do not want their products to be priced too high for us to buy since we buy most of its junk). This dead rat is going to start smelling some day. History has shown us that countries that monkey with their currencies to stabilize them with another countries currency usually runs into a train wreck at some point (Peso devaluation to name one). 

Very interesting times. Don't have a clue how it is all going to play out except pretty sure there is going to be some pains along the way. 

John