The Australian dollar weakened to around $0.656 on Monday, reversing gains from the previous week, as renewed tariff threats from US President Donald Trump stirred fears of potential global trade war. Trump announced a 30% tariff on imports from the European Union and Mexico starting August 1, while also signaling the possibility of further duties on other countries and urging trading partners to return to the negotiating table.
In a related move, Trump proposed a steep 200% tariff on Australian pharmaceuticals, sparking concern among Australian industry leaders and government officials, as it could cost the Australian economy up to A$2.8 billion if implemented.
Meanwhile, investors are turning their attention to upcoming reports on consumer confidence, consumer inflation expectations, and employment due later this week.
Source: Trading Economics
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