Dollar rises after Trump unveils new tariffs; bitcoin at record
SINGAPORE (Reuters) The US dollar rose on Friday, fuelled by upheavals in the global trade landscape, as US President Donald Trump announced more import tariffs, ranging from 35% on neighbouring Canada to plans for blanket levies of 15% or 20% on most trade partners.Most currencies initially held in tight ranges in early Asian trade, though the dollar gained ground later after Trump's latest comments boosted uncertainty over his evolving trade measures.The Canadian dollar was down 0.27% at C$1.3693, following a knee-jerk fall of more than 0.5% after Trump unveiled a tariff rate of 35% on imports from the neighbour, starting August 1.The European Union could receive a letter on tariff rates by Friday, Trump said the day before, throwing into question the progress of the bloc's trade talks with Washington.The euro fell 0.2% to $1.1682, heading for a weekly decline of about 0.9%.The risk-sensitive Australian dollar also slipped 0.11% to $0.6581 as the market mood soured.Brazil's President Luiz Inacio Lula da Silva said he sought a diplomatic solution to Trump's threat of 50% tariffs on the country, but vowed to reciprocate like-for-like if they take effect on August 1.The Brazilian real was little changed at 5.5321 per dollar, though set to lose 2% on the week for its steepest such decline in nearly five months.Elsewhere, sterling was down 0.16% at $1.3558 and was set to lose more than 0.6% on the week.The New Zealand dollar fell 0.34% to $0.6015 and the yen slid 0.44% to 146.91 a dollar.The Japanese currency was headed for a weekly decline of roughly 1.6%, after Trump slapped tariffs of 25% on Tokyo this week.While the market reaction to Trump's slew of new tariffs has been largely muted compared to April's manic sell-off after "Liberation Day", investors remain on tenterhooks about global trade and whether the August 1 deadline is final.That in turn has supported the dollar, which was up 0.2% against a basket of currencies at 97.79, and set to end the week with a gain of 0.8%.In cryptocurrencies, bitcoin scaled yet another record high of $117,685.96, driven partly by demand from institutional investors."The ... new record reflects the resilience of global risk appetite even in the face of Trump tariffs, as well as high optimism over US legislative proposals," said DBS FX and credit strategist Chang Wei Liang.He was referring to measures the US House is set to advance in its upcoming 'Crypto Week'.
Ether similarly jumped more than 6% to a five-month high of $3,017.81.
Stock Markets
Continue full coverage
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
16 minutes ago
- Arabian Post
OpenAI Set to Disrupt Browser Market with AI-Powered Offering
OpenAI is preparing to unveil a web browser embedded with its flagship ChatGPT interface and 'Operator' AI agent, marking a strategic shift directly targeting Google's Chrome dominance. The forthcoming browser, expected within weeks, promises to streamline browsing by enabling conversational queries, task automation and form-filling without navigating multiple sites, according to Reuters. The browser is built atop Chromium, the open-source foundation behind Chrome, Edge and Opera, ensuring compatibility with current web standards. More significantly, embedding ChatGPT natively allows users to interact through natural language rather than searching and clicking. OpenAI's Operator AI agent will autonomously complete web-based tasks—such as booking reservations, filling out forms or completing orders—on behalf of users. This initiative is part of OpenAI's broader strategy to gain deeper access to user browsing behaviour and data. Google's dominance via Chrome has long served as a rich mine for ad targeting; OpenAI seeks comparable insights by controlling the data pipeline from its own browser. Industry analysts warn, however, that this raises privacy concerns—mirroring criticisms levelled at Chrome itself. ADVERTISEMENT OpenAI's move into the browser space follows its acquisition of hardware startup io, led by former Apple designer Jony Ive, and signals an ambition to build an ecosystem across software, AI agents and devices. The company has also hired Google-alumni engineers behind Chrome's original development, underscoring the seriousness of its challenge. Competition is already intensifying. AI-centric browsers like Perplexity's Comet, Brave, and The Browser Company's Dia have emerged in recent months—all built on Chromium and offering similar capabilities. The rise of these products reflects a trend toward 'agentic' browsing experiences, where browsers act as intelligent intermediaries and perform tasks autonomously. Should even a fraction of ChatGPT's 500 million weekly users adopt OpenAI's browser, Alphabet's ad-reliant Chrome business could face significant pressure. Chrome holds over two-thirds of global browser market share—roughly three billion users—while Safari trails at around 16 %. With the U. S. Department of Justice already urging Chrome's divestiture amid antitrust proceedings, OpenAI's entry adds further complexity. Internally, this push aligns with OpenAI CEO Sam Altman's vision for embedding AI throughout daily life. Launching the browser gives the company a platform to integrate its services, including deep research tools and agentic capabilities. Indeed, the browser's release follows the launch of Operator in January, now available in limited preview. Privacy advocates caution that capturing browsing data through a proprietary AI browser could pose risks. OpenAI emphasises safety and data protections in its materials, and Agent workloads run within controlled environments. The firm has also signalled openness to purchasing Chrome outright if required by antitrust enforcement—though Google has not indicated any intention to sell. Perceptions in tech communities are mixed. Some Redditors argue it may be unwise for OpenAI to challenge Google directly, while others see the opportunity to reshape search and browsing as an advantage. One user commented, 'I don't think launching a browser is a bad move… there will be room in this market for more big players'. As OpenAI readies its release, key uncertainties remain: how it will address data privacy, whether its user interface will attract mass adoption, and how Google will respond. With launch imminent, the browser could well catalyse a new phase in the evolution of web interaction—one powered by conversational AI and autonomous agents.
Al Etihad
an hour ago
- Al Etihad
Bitcoin tops $120,000 for the first time
14 July 2025 08:45 SINGAPORE (REUTERS)Bitcoin crossed the $120,000 level for the first time on Monday, marking a major milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this on Monday, the US House of Representatives will debate a series of bills to provide the digital asset industry with the nation's regulatory framework it has long demands have resonated with US President Donald Trump, who has called himself the "crypto president" and urged policymakers to revamp rules in favour of the of further tailwinds for the industry helped propel bitcoin to yet another record high of $121,207.55 in the Asian session on last traded 1.5% higher at $120, surge in bitcoin, which is up 29% for the year thus far, has sparked a broader rally across other cryptocurrencies over the past few weeks, even in the face of Trump's the second-largest token, scaled an over five-month top of $3,048.23 on Monday and last stood at $3,036.24. The sector's total market value has swelled to about $3.78 trillion, according to data from CoinMarketCap.
Al Etihad
an hour ago
- Al Etihad
Euro slips after Trump threatens 30% tariffs on EU
14 July 2025 08:58 SINGAPORE (REUTERS)The euro fell to a three-week low early on Monday while the Mexican peso also came under pressure after US President Donald Trump threatened to impose a 30% tariff on imports from two of the largest US trading partners beginning August on Saturday announced the latest tariffs in separate letters to European Commission President, Ursula von der Leyen, and Mexican President Claudia Sheinbaum that were posted on his Truth Social media the European Union and Mexico described the tariffs as unfair and disruptive, while the EU said it would extend its suspension of countermeasures to US tariffs until early August and continue to press for a negotiated in the currency market to Trump's latest tariff threats was largely muted in Asian trade, though the euro did slip to a roughly three-week low early in the single currency later regained some ground and last traded 0.12% lower at $ the Mexican peso, the dollar rose 0.25% to however, the dollar made limited gains, with sterling down just 0.07% at $1.3481, while the Japanese yen rose 0.1% to 147.28 per have grown increasingly desensitised to Trump's tariff threats, with his latest upheaval in the global trade landscape doing little to prevent US stocks from scaling record highs and offering just a slight boost to the other currencies, the Australian dollar fell 0.14% to $0.6565, while the New Zealand dollar slid 0.4% to $ of tariff news, Trump on Sunday said that it would be a "great thing" if Federal Reserve Chair Jerome Powell stepped down, again threatening to undermine the central bank's independence as he called for interest rates to be could get a better clue on the future path for US rates when inflation data for June comes due on Tuesday, where expectations are for US consumer prices to have picked up slightly last are currently pricing in just over 50 basis points worth of Fed easing by Asia, data on Monday showed China's exports regained momentum in June while imports rebounded, as exporters rushed out shipments to capitalise on a fragile tariff truce between Beijing and Washington ahead Trump's August deal the figures did little to move the yuan, with the onshore unit little changed at 7.1704 per dollar. Its offshore counterpart edged up slightly to 7.1713 per will be eyeing the release of Chinese gross domestic product figures on Tuesday next for greater clarity on the health of the world's second-largest economy. Growth in China is widely expected to have slowed down in the second quarter from a solid start to the year as trade tension with the United States added to deflationary pressure.
