The US dollar strengthened on Monday in Colombia, closing at COP 4,133.10, marking an increase of COP 19.4 compared to the Representative Market Rate (TRM) of COP 4,113.70.This movement came as markets reacted to former US President Donald Trumps announcement.
He revealed new 25% tariffs on all steel and aluminum imports into the United States.During the session, the dollar fluctuated between a low of COP 4,118 and a high of COP 4,147.
A total of 2,352 transactions were recorded, amounting to $1.231 billion.One hour after markets opened, the dollar stood at COP 4,133.69, reflecting a rise of COP 19.99 versus the days TRM.
Trumps tariff announcement added to fears of a global trade war.Reuters reported that reciprocal tariffs would also be introduced later in the week.
These tariffs would match the rates imposed by other nations.
These developments weighed on risk appetite, pressuring commodity markets and currencies like the euro and the Australian and Canadian dollars.U.S.
Tariffs Shake Markets as Dollar Rises Against Colombian Peso.
(Photo Internet reproduction)The announcement follows a series of trade measures by Trump last week, including tariffs on Mexico and Canada, which were briefly paused.
However, the tariffs on Chinese goods were maintained.Beijing responded cautiously, leaving some room for negotiations.
Analysts remain uncertain whether Trumps latest tariffs are part of a broader negotiation strategy.Investors are also focusing on upcoming US inflation data and Federal Reserve Chair Jerome Powells testimony before Congress on Tuesday and Wednesday.
Powells remarks could provide insights into inflation expectations and monetary policy amid escalating trade tensions.