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US Dollar Index inches higher above 97.00 as Trump warns extra 10% tariff on BRICS ally

  • US Dollar Index gains ground as Trump said that he will charge additional 10% tariff on BRICS nations.
  • US Commerce Secretary Howard Lutnick confirmed that the new tariffs are scheduled to take effect on August 1.
  • President Trump signed into law his flagship "Big Beautiful Bill," a sweeping package of tax reductions and spending cuts.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is retracing its recent losses and trading higher around 97.10 during the Asian hours on Monday. The Greenback receives support due to risk-off sentiment as US President Donald Trump posted on social media “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy.”

US Treasury Secretary Scott Bessent said on Sunday that US President Donald Trump will send letters to some trading partners, warning that tariffs could revert to April 2 levels on August 1 if no progress is made on a trade deal. He clarified that August 1 is not another new tariff deadline but suggested that it could still give trading partners more time to renegotiate tariff rates.

US Commerce Secretary Howard Lutnick confirmed the new tariffs are set to take effect on August 1. Lutnick added that Trump is currently finalizing the specific rates and agreements and may send out 12 or 15 letters on tariffs on Monday. He also indicated that trade deals or letters with most nations will be done by July 9.

The US Dollar faced challenges amid rising expectations of deeper Federal Reserve (Fed) rate cuts. However, stronger-than-expected US jobs data helped ease those worries. The Greenback may further struggle due to mounting fiscal concerns as Trump signed his flagship "Big Beautiful Bill" into law a massive package of tax and spending cuts at the White House on Friday.

US Dollar PRICE Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.

USDEURGBPJPYCADAUDNZDCHF
USD0.12%0.19%0.48%0.19%0.58%0.61%0.15%
EUR-0.12%0.08%0.12%0.05%0.53%0.48%0.02%
GBP-0.19%-0.08%0.00%-0.01%0.45%0.41%-0.18%
JPY-0.48%-0.12%0.00%-0.05%0.33%0.36%-0.26%
CAD-0.19%-0.05%0.01%0.05%0.41%0.43%-0.17%
AUD-0.58%-0.53%-0.45%-0.33%-0.41%0.06%-0.63%
NZD-0.61%-0.48%-0.41%-0.36%-0.43%-0.06%-0.59%
CHF-0.15%-0.02%0.18%0.26%0.17%0.63%0.59%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

Author

Akhtar Faruqui

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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