Steel, Trump
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Trump, tariff
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The U.S. dollar fell against other major currencies on Monday, giving up some of the previous week's gains, as markets weighed the outlook for President Donald Trump's tariff policy and its potential to constrict growth and unleash inflation.
The so-called TACO trade will be tested as markets wait to see if Trump will actually follow through with his latest threat or if he will put it on hold soon.
Iron ore fell to its lowest level since early May alongside equity markets after President Donald Trump said he would double tariffs on steel and aluminum to help protect American workers.
European shares retreated on Monday after rounding off monthly gains in May, as U.S. President Donald Trump's new tariff plans threatened to rekindle global trade tensions. The continent-wide STOXX 600 was down 0.