President-elect Donald Trump's announcement of an executive order imposing a 25% tariff on imports from Mexico and Canada led to a rise in the U.S. dollar against major currencies, including the Mexican peso and Canadian dollar. The dollar index also saw an increase, reflecting a stronger U.S. currency.
The U.S. dollar saw a significant rise on Tuesday following President-elect Donald Trump 's announcement that he would issue an executive order imposing a 25 percent tariff of all products coming from Mexico and Canada into the United States. The dollar gained over 2 percent against the Mexican peso and about 1 percent against the Canadian dollar. The rise in the dollar came after Trump's choice of hedge fund manager Scott Bessent for U.S.
Treasury Secretary, which was met with approval in the U.S. Treasury markets. According to Matt Simpson, a senior market analyst at City Index, Trump's actions seem to be a reminder to the markets about his control, particularly following the nomination of Scott Bessent. The dollar index, which measures the U.S. currency against six rivals, was last at 107.37. Meanwhile, the euro dropped 0.6 percent to $1.043175 and sterling fell 0.4 percent to $1.2516. Trump also directed criticism towards China, stating they were not taking sufficient action to stop the flow of illicit drugs crossing the border into the U.S. from Mexico and announced an additional 10 percent tariff tariff on all Chinese products. The Australian dollar fell 0.75 percent to $0.64555, while the New Zealand dollar hit a one-year low at $0.58075
USD Mexico Canada Donald Trump Executive Order Imports Currency Exchange Scott Bessent Treasury Secretary
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The loonie is trading at lows not seen in years. Here’s what it means for CanadiansThe Canadian dollar is trading against the U.S. dollar at levels not seen since 2020
Read more »
Gold rises as dollar rally hits pause after US inflation dataThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Dollar rises vs yen on BOJ caution while euro sell-off pausesThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Canadian dollar rises as CPI data clips jumbo rate cut betsThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Canadian dollar hits 4-1/2-year low near 1.40 a U.S. dollarLoonie at 71.51 U.S. cents
Read more »
Canadian dollar hits 4-1/2-year low near 1.40 per U.S. dollarThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »