Tariff waves disrupt the market, and the dollar pulls back all gains since Trump's election victory.

Jin10 data reports on April 4th that as a new wave of tariff turmoil disrupts the global market, the dollar has erased all gains since Trump won the election last November. Paresh Upadhyaya, Director of Fixed Income and Currency Strategy at Amundi, said, “The dollar bear market has arrived and is roaring.” He added that due to the U.S. “hovering on the brink of a recession,” the dollar could fall by 10% this year. This stands in stark contrast to earlier this year when policies like Trump’s tax cuts and tariffs were seen as reasons to bet on a dollar rebound. In February, U.S. Treasury Secretary Mnuchin stated that Trump’s policies were “fully consistent with a strong dollar,” thereby affirming the government’s strong dollar stance. Columbia Threadneedle Investment strategist Ed Al-Hussainy said, “We may be in the early stages of a structural dollar dumping.”