Trump's Tariff Turbulence: A New Trade Storm Looms?

The U.S. dollar experienced a surge on Friday, buoyed by disruptions on the global trade front, following President Donald Trump's announcement of new import tariffs. These included a dramatic 35% tariff on Canada and blanket levies of 15% or 20% on most trading partners.

This unexpected move shook investors who anticipated an upcoming economic and security agreement between the U.S. and Canada. The Canadian dollar fell against the U.S. currency, recording a 0.22% decrease by trading at C$1.369. Simultaneously, the euro dropped by 0.1% to $1.1688 as talks of tariffs with the European Union caused market anxieties.

In Asia, the yen declined by 0.41% amid a 25% tariff on Japan, while Brazil also faced tariff threats. Despite these turbulent trade relations, cryptocurrencies like Bitcoin witnessed a notable climb, showcasing investor interest and optimism toward U.S. crypto-friendly policies.

(With inputs from agencies.)