21 April 2025
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US dollar to remain under pressure

The effect of tariffs will be negative for the currency in the short term

By Edward Bell

The outlook for the US dollar has been reshaped by the tariffs imposed by US President Donald Trump since the start of his second term. There are clearly primary effects that will be negative for the US economy and the USD but there is also a risk of longer-term erosion to the standing of the dollar as the dominant currency in the global economy.

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Written By

Edward Bell Acting Group Head of Research and Chief Economist


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