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The Canadian dollar dropped to its lowest level in nearly 22 years on Sunday after U.S. President Donald Trump imposed new tariffs on Canada, Mexico, and China. The tariffs, effective Tuesday, levy 25% on Canadian and Mexican imports, with an additional 10% on Canadian energy products and Chinese goods.
The USD/CAD pair surged 1.4% to its highest level since early 2003, while the Mexican peso slumped to a three-year low as USD/MXN spiked 2.5%. The Chinese yuan also weakened, with the offshore USD/CNH pair rising 0.5%, marking its weakest level since September 2023.
These sharp currency declines highlight growing concerns over economic slowdowns in Canada and Mexico due to their deep trade ties with the U.S. The tariffs aim to address issues like illegal immigration and fentanyl smuggling but have triggered swift retaliation.
Canada responded with 25% tariffs on C$155 billion worth of U.S. goods, while Mexico and China promised countermeasures, though specifics remain undisclosed. Analysts warn that escalating trade tensions could fuel further market volatility and non-USD currency depreciation.
Nomura analysts cautioned that additional retaliatory actions could intensify the trade war, exacerbating risks for global markets. Investors are bracing for heightened uncertainty as the impact of these tariffs unfolds in the coming weeks.
