U.S. Dollar Falls As Tariff Worries Ease
(RTTNews) - The U.S. dollar weakened against other major currencies in the early European session on Monday, as tariff worries eased somewhat as U.S. President Donald Trump exempted smartphones and computers as well as other devices and components like semiconductors from his new "reciprocal" tariffs, according to new U.S. Customs and Border Protection guidance issued late Friday.
However, Commerce Secretary Howard Lutnick said Sunday that the exemptions aren't permanent and that those items would be subject to "semiconductor tariffs" that will likely come in "a month or two," stirring up more tariff uncertainty.
Also, Trump said in a Truth Social post that these products are still "subject to the existing 20 percent Fentanyl Tariffs, and they are just moving to a different Tariff bucket.
The safe-haven dollar started falling against its major rivals since April 7th, 2025.
In the early European trading today, the U.S. dollar fell to nearly a 2-week low of 1.3175 against the pound and more than a 5-month low of 1.3834 against the Canadian dollar, from early highs of 1.3084 and 1.3878, respectively. If the greenback extends its downtrend, it is likely to find support around 1.33 against the pound and 1.37 against the loonie.
Against the euro, the Swiss franc and the yen, the greenback edged down to 1.1425, 0.8121 and 142.23 from early highs of 1.1341, 0.8191 and 143.75, respectively. The greenback may test support near 1.15 against the euro, 0.80 against the franc and 141.00 against the yen.
Looking ahead, Canada new motor vehicle sales data and wholesale sales data for February and U.S. consumer inflation expectations for March are slated for release in the New York session.
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