USD hits 6-month low due to Trump's new tariffs
Shafaq News/ The US dollar suffered its worst performance in nearly six months on Thursday, following the announcement of new tariffs by President Donald Trump.
The US Dollar Index, which measures the currency's value against a basket of major currencies, dropped 2.29% to 101.4310 points.
Sonia Martin, Head of Monetary Policy and Currency Research at DZ Bank in Frankfurt, told Bloomberg, "The dollar was the biggest loser in yesterday's financial events."
This decline came after President Trump announced a 10% tariff on all US imports and higher duties on some of the country's largest trade partners.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
3 hours ago
- Shafaq News
Baghdad salary delays stall Duhok Eid al-Adha shopping
Shafaq News/ Pre-Eid al-Adha shopping in Duhok has slowed sharply, as ongoing salary delays from Baghdad continue to squeeze household spending across the province. Retailers reported sluggish sales despite stocking up for the holiday. Diyar Dawski, who owns a men's clothing shop, told Shafaq News that daily purchases have dropped below 20 items—far from the usual holiday rush, noting, 'The salary delay is the main reason.' Many vendors are now facing mounting inventory and potential losses. Shoppers, too, are feeling the strain. Afan Jamil, shopping with her children, said she's had to rely on cheap street stalls. 'With no salary and rising prices, we can't afford proper Eid clothes.' Another resident, Yaqoub Jaafar, shared a similar frustration, stating, 'Markets used to be packed. Now they're nearly empty. I had to borrow money just for basics.' The crisis, rooted in ongoing disputes over oil exports and budget entitlements, deepened after the 2023 shutdown of the Kurdistan pipeline to Turkiye's Ceyhan port. Since then, Erbil has received only monthly advances, not its full budget allocation, fueling mistrust and complicating negotiations. Last week, the KRG Ministry of Finance urged Baghdad to resume payments for employees, pensioners, welfare recipients, and the families of martyrs, accusing federal authorities of using legal pretexts to delay disbursements. Baghdad, in turn, has accused the Region of exceeding its share and withholding required revenues. Iraqi MP Karwan Yaroes told our agency earlier that Baghdad may release an emergency advance within two days to cover May salaries.
Shafaq News
7 hours ago
- Shafaq News
New Era for Iraqi trade: Nation joins International Transit Network
Shafaq News/ On Tuesday, the Iraqi Border Ports Authority announced that Iraq has officially joined the global (TIR) system, enabling streamlined international transit operations through its territory in partnership with the International Road Transport Union (IRU). The authority indicated in a statement that the initiative was launched under the direct supervision of Prime Minister Mohammed Shia Al-Sudani, integrating the TIR system with Iraq's government platforms across all land, sea, and air border crossings. Two successful pilot shipments were completed using Iraqi territory. The first shipment began in Turkiye's Mersin Port and passed through Iraq en route to Khalifa Port in Abu Dhabi. The second originated in Poland, traversed Turkiye and Iraq, and continued onward to Jordan, Saudi Arabia, and the United Arab Emirates. The statement affirmed the initiative's success in reducing costs and delivery time while generating non-oil government revenues for Iraq. 'This international trade corridor through Iraqi territory adds to a growing network of regional and global transit routes,' the authority noted, attributing the achievement to improved security conditions and inter-agency coordination among transport, customs, and border authorities. The ports authority also emphasized the system's broader socio-economic benefits, saying it will 'create jobs along transport corridors and provide employment opportunities for Iraqis across diverse sectors.'
Shafaq News
10 hours ago
- Shafaq News
Iraqi salary bill set to soar, economist warns
Shafaq News/ Iraqi government spending on salaries is set to surge, potentially doubling to 5% over the next five years and putting the country's economy at serious risk, economist Manar al-Obaidi, head of the Iraq Future Foundation, warned on Tuesday. In a Facebook post, al-Obaidi forecast a 27% increase in Iraq's public sector salaries in 2024, surpassing 60 trillion IQD ($42.37 billion) for the first time—an amount equal to 40% of total government expenditures. 'Salaries have reached dangerous levels that will have catastrophic consequences for Iraq's economy,' he cautioned. He noted that salary expenses have risen by 50% over the past five years, without a corresponding increase in non-oil revenues or improvements in public services, questioning, 'What's the benefit of raising the salary bill?' Meanwhile, the ongoing salary dispute between Baghdad and Erbil has fueled persistent tension, with the federal government's recent decision to halt salary disbursements to the Region's employees sparking criticism in Kurdistan. The Kurdistan Democratic Party (KDP) condemned the federal government's decision calling it a violation of constitutional rights and a form of political exploitation.
