The dollar fell to a near six-month low after President Trump announced sweeping tariffs on U.S. trading partners.
The new tariffs include a baseline duty of 10% on foreign imports and larger so-called reciprocal tariffs with a total tariff of 54% on China, 46% on Vietnam and 20% for the EU.
“The rumors of soft tariffs ahead of the press conference that gave a lift to equities and U.S. Treasury yields going into the press conference proved to be wrong,” Danske Bank analyst Stefan Mellin said in a note. “The outcome was worse than expected and it raises the risk for a US recession.”
The DXY dollar index fell to a low of 102.728.
