The dollar advanced after President-elect Donald Trump vowed additional tariffs on Mexico, Canada and China, upending recent macro bets on more measured economic plans from the next administration.
The Bloomberg Dollar Spot Index was up 0.4% after earlier climbing as much as 0.7% on Tuesday after Trump announced the proposals in social media posts to his Truth Social network. The Canadian dollar fell as much as 1.4% to 1.4178 against the US currency, its weakest mark since April 2020, while the Mexican peso plunged more than 2%. China’s offshore yuan fell as much as 0.4%. In response, the People’s Bank of China supported the currency by setting the daily fixing stronger than forecast.
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