The US dollar index held steady above 97.5 on Wednesday, maintaining recent gains as investors weighed the latest tariff actions announced by President Donald Trump. The president confirmed that the newly imposed duties on 14 countries, set to take effect on August 1, would proceed without revisions or delays. Trump also unveiled a 50% tariff on copper imports and hinted at further sector-specific levies. In a more aggressive move, he threatened tariffs of up to 200% on pharmaceutical imports, though implementation would be delayed by 12 to 18 months to give the industry time to adjust. The dollar posted its strongest gains against the yen, amid growing pressure on Japan to secure a trade agreement with Washington. Market participants now turn their attention to the upcoming release of the FOMC minutes for further insights into the Federal Reserve’s policy outlook.
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