FX.co ★ Dollar Holds Gains as Investors Weigh Tariff Moves

The US dollar index remained stable, hovering above 97.5 on Wednesday, as investors assessed President Donald Trump's latest tariff announcements. The President confirmed that new tariffs on 14 countries, scheduled to begin on August 1, would proceed as planned, without any changes or delays. Additionally, Trump introduced a 50% tariff on copper imports and suggested the possibility of more sector-specific tariffs. Notably, he issued a warning of potential tariffs up to 200% on pharmaceutical imports, though these would be deferred for 12 to 18 months to allow the industry time for adjustment. The dollar recorded its most notable gains against the yen, amid mounting pressure for Japan to finalize a trade agreement with the US. Market watchers now focus on the forthcoming release of the Federal Open Market Committee (FOMC) minutes for further insight into the Federal Reserve's policy direction.