Tariff Tensions: The Dollar's Resurgence Amid Trade Uncertainty
U.S President Trump's intensified tariffs on Canada and other nations have led to a rise in the dollar and uncertainty in global trade. Market reactions to the new tariffs have been mixed, with muted responses compared to previous announcements. Despite this, institutional demand for cryptocurrencies remains strong.
The dollar rose across global markets on Friday as President Trump announced increased tariffs on imports, including a 35% rate on Canadian goods starting August 1.
The announcement extended to potential increases in tariffs on other countries, causing uncertainty in international trade and jittery market reactions.
While fiat currencies experienced volatility, cryptocurrencies like Bitcoin and Ethereum saw a surge, buoyed by favorable U.S. policies and legislative developments expected in 'Crypto Week'.
(With inputs from agencies.)
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