Dollar suffers worst one-day slide since last April after Trump says currency hasn’t fallen too low

The U.S. dollar fell 1.3% on Tuesday, the most since last April, after President Donald Trump declined to say that the currency had fallen too much.

Speaking to reporters during a visit to Iowa to promote his economic record, Trump was asked if he was comfortable with the current value of the greenback and if he thought it had fallen too much after sliding 10% over the past year.

“I think it’s great,” Trump said of the weaker dollar. “I mean the value of the dollar, look at the business we’re doing. No, [the] dollar is doing great. You know it’s very interesting, if you look at China or Japan, I used to fight like hell with them because they always wanted to devalue their yen … you know that, the yen and yuan, and they’d always want to devalue it. They devalue, devalue, devalue. And I said, ‘not fair.’ They devalue, because it’s hard to compete when they devalue.”

The Dollar Index, which tracks the U.S. currency against six leading trading partners (but not China), fell the most in a single day since last April 10, when it tumbled almost 2% amid mounting trade disputes and U.S. threats to impose a 145% tariff on China. That same day, the S&P 500 slid 3.5% and the Nasdaq Composite sank 4.3%. 

On Tuesday, the dollar also dropped to its lowest level since February 2022.