Dollar dips as Trump’s tariff wall slips

The dollar fell on Monday as traders took the US Supreme Court’s decision to strike down most of President Donald Trump’s tariffs as supportive for global growth, though confusion and risk of conflict in the Middle East kept moves relatively small. The euro was up 0.4% to $1.1823 and sterling rose by a similar margin to $1.3521 early in Asia trade, which was lightened a little by a holiday in Japan and China’s Lunar New Year break. The dollar fell 0.4% to 154.42 yen. The Supreme Court found on Friday Trump’s sweeping tariffs exceeded his authority. Trump has responded by lashing out at the court and imposing a blanket 15% levy on imports, as well as insisting higher-tariff deals with trade partners should stay. “It weakens the dollar in the sense that it potentially benefits non-U.S. growth,” said Sim Moh Siong, currency strategist at OCBC Bank in Singapore.