Currencies
Dollar Jumps to Cement Place as Market’s Favorite Tariff Trade
- The greenback gains against every G-10 currency on Tuesday
- Trump tells reporters he favors larger universal tariffs
US President Donald Trump said he will be placing tariffs on steel, aluminum and copper.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
The US dollar is once again showing off how it’s become a popular way to trade tariff threats, rallying after President Donald Trump said he favors imposing “much bigger” levies than had been suggested by one of his top officials.
The Bloomberg Dollar Spot Index rose as much as 0.5%, the biggest intraday advance in a week, as Trump vowed tariffs bigger than those reportedly under consideration by incoming Treasury Secretary Scott Bessent. The recent wobble in the stock market tied to Chinese AI startup DeepSeek’s cheaper model is also driving demand for the world’s reserve currency.