The U.S. dollar rose against major currencies including the yen and euro as President Donald Trump rekindled trade tensions with new tariffs on Canada and other trading partners. Trump issued a letter late on Thursday that said a 35% tariff rate on all imports from Canada would apply from August 1.

Chinese traders are pulling back from the dollar, helping ease a shortage that has rattled the banking system and setting the yuan up for further gains.

A troubling shift in the dollar’s trading relationship with U.S. stocks has eased somewhat over the past few weeks.

The Indian rupee weakened on Thursday on the back of dollar bids from foreign banks and a broadly stronger greenback, after U.S. President Donald Trump continued to up the ante on tariffs by announcing a 35% levy on Canadian imports starting August 1.

Economists told Newsweek that the decline is due to a confluence of factors, and a broad downgrade in America's economic outlook.

Americans traveling overseas face higher costs as the U.S. dollar weakens against foreign currencies, squeezing budgets for hotels, food and transportation abroad.

The U.S. dollar was steady on Thursday after retreating from a two-week high versus major peers, as markets took U.S. President Donald Trump's latest tariff salvos in their stride, except in Brazil where a threatened 50% levy sent the real sliding.

Chinese nationals allegedly operated a marijuana ring using quiet homes as grow houses, withholding workers' passports until debts were paid, the DOJ says.