The US dollar fell sharply after US President Donald Trump announced tariffs that exceeded the expectations of experts and investors, raising concerns about a global economic recession, pushing the stock market down and investors looking for safe haven assets such as bonds, gold, Japanese yen and Swiss franc...

Specifically, the new policy establishes a basic tax rate of 10% on all goods imported into the US, regardless of origin. Additional tax rates will apply to countries with a trade surplus with the US such as: China is subject to a tax rate of 34%, Japan 24%, European Union countries 20%...

Previously, all foreign-made cars imported into the US would be subject to an additional 25% tax.

The Trump administration said the measures would take effect immediately.

Following Donald Trump's announcement, the US dollar index fell to 103.13 - its lowest level since mid-October 2024.

Meanwhile, the yen rose 1.05 percent to 147.71 yen per dollar. Similarly, the Swiss franc rose 0.61 percent to 0.8764 Swiss franc per dollar, reflecting the safe-haven wave.

“The yen is the obvious safe-haven, alongside longer-term Treasuries,” said John Hardy, strategist at Saxo Bank.

The yield on the benchmark 10-year US Treasury note fell 14 basis points to 4.04% - its lowest level in five months, as investors forecast a slowdown in US economic growth and priced in a higher probability of a Fed rate cut.

“The market is risk-off, pricing in weaker global growth. The big question is whether trade partners can renegotiate tariffs and whether there will be further restrictions,” said Kyle Rodda of Capital.com.

The euro rose 0.58% to $1.0916, supported by Europe's calm approach.

“The market appreciates Europe’s cautious stance, focusing on supporting the internal economy instead of retaliation,” said Rodrigo Catril, an expert at the National Australia Bank.

The British pound also rose 0.42% to $1.3062.

Asian currencies, on the other hand, were under pressure. The onshore and offshore yuan hit their lowest levels since February 13 and in a month, respectively, while the Malaysian ringgit, South Korean won and Thai baht also weakened.

“Asia, especially China, South Korea and Taiwan (China), have borne the brunt of the tariffs, with the increase being significantly higher than in Latin America,” said Ray Sharma-Ong, an expert at Aberdeen Investments.

The Australian dollar fell 0.32% to $0.6279.

The New Zealand dollar rose 0.02% to $0.5744.

Elsewhere, the Mexican peso and Canadian dollar were relatively stable as Canada and Mexico - two major US trading partners - are currently facing 25% tariffs on many goods and were not featured in Donald Trump's latest tariff announcement.

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