Dollar turns lower as investors prepare for court battle on tariffs
The U.S. dollar fell on Thursday, reversing earlier gains, as investors prepared for a battle over U.S. President Donald Trump’s tariff agenda after a U.S. trade court on Wednesday blocked most of the proposed trade levies.
The Court of International Trade also ordered the Trump administration to issue new orders reflecting the permanent tariff injunction within 10 days. The Trump administration minutes later filed a notice of appeal and questioned the authority of the court.
The euro was last up 0.5% against the dollar at $1.1349 after earlier falling to $1.1209, the lowest since May 19.
Against the Japanese yen, the dollar weakened 0.28% to 144.42. It earlier reached 146.28, the highest since May 15.
The dollar fell 0.42% to 0.824 Swiss franc.
Investors are also watching the progress of a tax cut and spending bill that is working its way through Congress, and which is expected to add trillions in U.S. debt over the coming decade. Some Republicans have criticized it for not having enough spending cuts.
Trump’s budget chief said on Wednesday that the White House intends to send Congress a package next week to formalize cuts made by billionaire Elon Musk’s team targeting federal government spending.
Source: Reuters
