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American Focus > Blog > Economy > Dollar gains after Trump vows tariffs against Mexico and Canada
Economy

Dollar gains after Trump vows tariffs against Mexico and Canada

Last updated: November 25, 2024 6:23 pm
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The U.S. dollar saw a significant rise against major rivals on Tuesday following President-elect Donald Trump’s announcement of a 25% tariff on all products coming in from Mexico and Canada. This decision led to a more than 2% increase in the dollar against the Mexican peso and a 1% rise against the Canadian dollar.

In recent days, the dollar had been facing pressure due to positive reactions in U.S. Treasury markets to Trump’s selection of hedge fund manager Scott Bessent as the U.S. Treasury secretary. Matt Simpson, a senior market analyst at City Index, noted that Trump’s choice of Bessent seemed to assert control in the markets, as Bessent is seen as someone who could potentially moderate Trump’s policies. The market response suggested that Mexico would bear the brunt of the imposed tariffs, as the Canadian dollar rose against the Mexican peso.

Despite perceptions of Bessent as an experienced Wall Street figure and fiscal conservative, he has expressed support for a strong dollar and tariffs. The dollar index, which measures the U.S. currency against six major currencies, stood at 107.37. The euro declined by 0.6% to $1.043175, while the British pound dropped by 0.4% to $1.2516. The euro had previously weakened due to disappointing European manufacturing surveys compared to positive U.S. surveys.

Trump also targeted China, accusing Beijing of inadequate efforts to prevent illicit drug trafficking from Mexico into the U.S. through restricting the export of drug ingredients. In response, he threatened an additional 10% tariff on Chinese products entering the U.S. China denied these allegations.

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The Australian dollar decreased by 0.75% to $0.64555, and the New Zealand dollar hit a one-year low at $0.58075. Meanwhile, in the cryptocurrency market, bitcoin traded at $93,577, below its recent peak of $99,830. Profit-taking occurred as bitcoin approached the $100,000 mark, driven by expectations of a more relaxed regulatory environment under Trump’s administration.

The market movements and policy announcements signal potential shifts in global trade dynamics and economic relationships. As investors navigate these developments, they will be closely monitoring further updates and their impact on currency markets.

(Reporting by Ankur Banerjee in Singapore; Editing by Christopher Cushing)

TAGGED:CanadaDollarGainsMexicoTariffsTrumpVows
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