Dollar climbs on new Trump tariffs

Shafaq News – Washington
The US dollar rose on Friday as global markets reacted to fresh trade uncertainty following President Donald Trump's announcement of sweeping new tariffs.
Trump revealed plans to impose uniform duties of 15% to 20% on most of the United States’ trading partners, intensifying fears of a trade conflict. The Canadian dollar was among the hardest hit, sliding more than 0.5% to 1.3726 after Trump declared a 35% tariff on Canadian imports set to take effect on August 1.
The euro fell 0.25% to $1.1671 and was headed for a 1% weekly loss after Trump said the European Union could receive a tariff notice by Friday, casting doubt on ongoing trade negotiations between Washington and Brussels.
Risk-sensitive currencies followed suit. The Australian dollar dropped 0.31% to $0.6568, while the New Zealand dollar lost 0.32% to $0.6013. Sterling slipped 0.22% to $1.3551, erasing earlier gains and on track for a weekly loss exceeding 0.6%.
Meanwhile, the Japanese yen declined 0.13% to 146.44 per dollar, pressured by a 25% tariff on Japanese goods announced earlier in the week. The yen is on pace for a weekly slide of more than 1%.
“Markets had largely brushed off tariff talk until now, but Canada’s inclusion was unexpected,” said Tony Sycamore, a market analyst at IG.
Although the reaction was more subdued than the sharp selloffs seen in April after previous tariff moves, investors remain concerned about the trajectory of global trade and the looming August 1 implementation date. The dollar index rose 0.2% to 97.77, on track for a 0.8% weekly gain.
In the crypto market, Bitcoin climbed 1.8% to $115,609.10, approaching its all-time high of $116,746.70. Ethereum surged more than 4%, touching a five-month peak of $2,998.41.