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The U.S. dollar soared to a three-week high after President Donald Trump imposed new trade tariffs, fueling demand for the greenback as a safe-haven asset. At 04:30 ET (09:30 GMT), the Dollar Index rose 1% to 109.305, following Trump’s 25% tariffs on Canada and Mexico and a 10% duty on China, citing concerns over illegal immigration and drug trafficking.
China, Canada, and Mexico vowed retaliation, raising fears of a renewed global trade war. The offshore yuan hit a record low, the Mexican peso plunged to its weakest in nearly three years, and the Canadian dollar slumped to its lowest level since 2003. Investors anticipate further volatility as trade tensions escalate.
The euro weakened as EUR/USD dropped 1.1% to 1.0248, its lowest since November 2022. Trump hinted at imposing similar tariffs on the European Union, exacerbating concerns over trade imbalances. The U.S. ran a $200 billion trade deficit with the EU last year. Meanwhile, the ECB recently cut interest rates, aiming to boost economic growth amid easing inflation.
Sterling remained relatively stable, with GBP/USD slipping 0.1% to 1.2313. Trump suggested that U.K. tariffs were a possibility but indicated a resolution could be reached. The Bank of England’s upcoming policy meeting may result in interest rate cuts to support the sluggish economy.
In Asia, the offshore yuan (USD/CNH) edged 0.3% higher to 7.3400 after Trump’s tariffs dampened China’s export prospects. Beijing condemned the move and hinted at strong stimulus measures. The Japanese yen saw limited weakness, with USD/JPY trading at 155.22, benefiting from its safe-haven status.
Market uncertainty remains high, with investors closely watching inflation data and central bank decisions as global trade tensions escalate.
