The US dollar weakened on Apr. 3, after President Donald Trump announced new tariffs on imports, effective Apr. 9.

The tariffs will impose a 10% baseline levy on imports and higher duties on goods from 60 countries. This raised concerns about a potential global economic slowdown, triggering a broad market response.

Global stocks declined, while demand for bonds and gold increased. The yen rose 1.3% to 147.39 per dollar, and the Swiss franc climbed to a four-month high.

Asian currencies faced challenges, with China’s yuan hitting its weakest levels in months.

Other regional currencies like Malaysia’s ringgit, South Korea’s won, and the Thai baht also declined. However, the Mexican peso and Canadian dollar remained stable.

Economists warned of possible retaliatory measures from other nations, and EU chief Ursula von der Leyen called the tariffs a significant threat to the global economy.

The dollar index fell to 102.98, its lowest level since October, marking a 4% decline this year.