Economic news

Yen firms as trade war worries weigh on markets

The Japanese yen soared half a percent versus the dollar and is on track to rise significantly versus the euro on Friday after U.S. President Donald Trump decided to impose tariffs on steel and aluminium imports.

Photo: Reuters

The dollar lost almost 0.5 percent to 105.75 yen after hitting 105.70 earlier, its trough since Feb. 16.

The dollar index slipped 0.1 percent to 90.194.

The euro was virtually unchanged around $1.2271.

Sterling advanced 0.1 percent to $1.3788.

Trump said that steel imports would face a 25% tariff and aluminium 10% in order to protect U.S. producers, risking escalation of tension between the U.S. and their major trade partners such as China, the EU and Canada.

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