Dollar surges on Trump's tariffs, sending global FX to multi-year lows [CNBC]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
NASDAQ:AMEX Investor Relations:
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Source: CNBC
President Donald Trump kicked off a trade war by imposing sweeping tariffs. The U.S. dollar's gains were broad, with the euro also dropping to a more than two-year low and the Swiss franc - despite typically acting as a safe haven - sliding to the weakest since May. Canada and Mexico, top two U.S. trading partners, immediately vowed retaliatory measures, and China said it would challenge Trump's levies at the World Trade Organization. “The surprise for markets ... is that Canada and Mexico retaliated immediately and that others, i.e. China and the EU, may follow their lead, resulting in a sharp contraction in global trade,” said Tony Sycamore, a market analyst at IG. “The starting date of U.S. tariffs on Canada, Mexico and China of Feb. 4 was also much sooner than many had anticipated.” As Trump had promised last month, the United States hit Canada and Mexico with duties of 25% and China with a 10% levy, calling the measures necessary to combat illegal immigration and the dr
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