The dollar weakens against major currencies with tariffs looming, causing concerns about U.S. debt

The dollar weakened against major currencies as Trump’s tax cut bill passed, adding $3.4 trillion to the U.S. debt. With tariffs looming on July 9, countries scramble for trade deals. The dollar’s decline continues, hitting a 6% drop since April. Market predicts Fed will keep rates steady in July, with potential cuts in September.

Trade tensions rise as Trump announces tariff rates for countries. EU seeks trade agreement with the U.S., while Japan sends negotiator. Indonesia offers to cut U.S. import duties and buy $500 million of wheat. China imposes duties on EU brandy. U.S. job growth beats expectations, easing economic worries. Fed likely to hold rates in July, with cuts expected later.

Read more at Yahoo Finance: Dollar slips versus major currencies as US tariff deadline looms