Dollar Rises as Global Trade Turmoil Continues

The dollar rose today amid further signs of turmoil in the global trade landscape, as US President Donald Trump announced further tariffs and said he intends to impose a uniform 15% or 20% tariff on most trading partners.

Most currencies were trading in narrow ranges early in the Asian trading session, but the dollar later rose on the back of Trump’s latest comments, which increased uncertainty about his ever-changing trade policy.

The Canadian dollar was among the biggest losers, falling more than 0.5% to 1.3726 against the US dollar after Trump announced a 35% tariff on Canadian imports, which he said would take effect on August 1, according to Reuters.