The dollar surged on Monday, pushing its Canadian counterpart and the Mexican peso to multi-year lows while China's yuan slumped to a record trough in offshore trade after U.S. President Donald Trump's tariffs kicked off a trade war.
The U.S. dollar's gains were broad, with the euro also touching a more than two-year low and the Swiss franc - despite typically acting as a safe haven - initially sliding to the weakest since May.
As Trump had promised last month, the U.S. slapped Canada and Mexico with duties of 25% and China with a 10% levy at the weekend, calling them necessary to curb immigration and narcotics trafficking.
The tariffs are due to take effect at 12:01 a.m. ET (0501 GMT) on Tuesday.
Canada and Mexico, the top two U.S. trading partners, immediately vowed retaliatory measures, and China said it would challenge Trump's levies at the World Trade Organization.
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Dollar surges on Trump's tariffs, sending peers to multi-year lows
- by: Kevin Buckland, Ankur Banerjee and Greta Rosen Fondahn
- 2025-02-03
- Source:
Reuters
- 02/03/2025
