Dollar drops 1% after Trump tariff report
The dollar fell 1% on Monday after a report said President-elect Donald Trump is considering tariffs that would only apply to essential imports, potentially relieving countries that had been hoping for broader levies
The Washington Post reported that Trump aides are exploring a plan that would apply tariffs to every country — but only to sectors deemed critical to national security or the economy.
The U.S. dollar index was already trading lower but fell more than 1% to as low as 107.86 after the report, down from a more than two-year high of 109.54 on Thursday.
Expectations that Trump will impose sweeping tariffs that would hurt countries around the world have weighed on foreign currencies such as the euro and the Chinese yuan in recent months and helped send the dollar soaring.
Source: Investing.com