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Dollar drops as traders eye Trump tax bill, G7 currency talks - REUTERS

MAY 21, 2025

By 


Summary

  • Trump failed to convince Republican holdouts who could block bill
  • Bessent to talk currencies with Japanese counterpart on G7 sidelines
  • "Sell America" investment theme continues to weigh on dollar

TOKYO, May 21 (Reuters) - The U.S. dollar fell on Wednesday, extending a two-day slide against major peers, as President Donald Trump failed to convince Republican holdouts to back his sweeping tax bill.
Traders were also wary of U.S. officials potentially angling for a weaker dollar at Group of Seven finance minister meetings currently underway in Canada.

Developments in Trump's global tariff war, which have swung currencies wildly in recent months, have slowed considerably this week, even as the clock ticks down to the end of 90-day tariff respites for U.S. trade partners in the absence of new trade deals.

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