The US dollar fell 1.3% on Tuesday, the most since last April, after President Donald Trump refused to say the currency had fallen too much.
Speaking to reporters during a visit to Iowa to promote his economic record, Trump was asked if he was happy with the dollar’s current value and whether he thought it had fallen too far after falling 10% in the past year.
“I think it’s great,” Trump said of the weaker dollar. “I mean the value of the dollar, look at the work we’re doing. No, the dollar is doing great. You know, it’s very interesting, if you look at China or Japan, I used to fight them hard because they always wanted to devalue their yen…you know, the yen and the yuan, and they would always want to devalue it. They devalue, they devalue, they devalue. And I said, ‘It’s not fair.’ They devalue, because it’s hard to compete when they devalue.”
The dollar index, which tracks the US currency against six major trading partners (but not China), fell the most in a day since last April 10, when it fell by almost 2% amid growing trade disputes and US threats to impose a 145% tariff on China, SEEbiz reports. On the same day, the S&P 500 fell by 3.5% and the Nasdaq Composite by 4.3%.
On Tuesday, the dollar also fell to its lowest level since February 2022.
