Currencies

Dollar Soars as Latest Vow of US Tariffs Hits Loonie and Peso

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By Carter Johnson, Anya Andrianova, George Lei, and Kevin Simauchi

February 27, 2025 at 2:16 PM UTC

Updated on

February 27, 2025 at 11:04 PM UTC

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Currency traders bought the dollar after Donald Trump confirmed the launch of 25% tariffs against Canada and Mexico next week and raised the prospect of fresh levies on China.

The tested strategy sent a Bloomberg gauge of the greenback up the most in three weeks. The currencies tied to Trump’s targets — Mexico’s peso, Canada’s loonie and China’s offshore yuan — all slid after the US president’s remarks.