A bipartisan measure to block Trump’s tariffs fails in the US Senate
The post A bipartisan measure to block Trump’s tariffs fails in the US Senate appeared on BitcoinEthereumNews.com. A bipartisan measure that sought to undo the sweeping tariffs that US President Donald Trump imposed on most countries earlier in April failed in the GOP-led Senate on Wednesday, per NBC. Senators voted 49-49 to reject the national emergency Trump used to impose tariffs of between 10% and 50% on many of the US’ major trading partners. Senator Sheldon Whitehouse (D-R.I.) and Mitch McConnell (R-Ky.) were missing from the vote, leaving supporters of the resolution short of a majority. Market reaction At the time of writing, the US Dollar Index (DXY) is trading 0.02% higher on the day to trade at 99.65. US Dollar FAQs The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away. The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or…
The post A bipartisan measure to block Trump’s tariffs fails in the US Senate appeared on BitcoinEthereumNews.com.
A bipartisan measure that sought to undo the sweeping tariffs that US President Donald Trump imposed on most countries earlier in April failed in the GOP-led Senate on Wednesday, per NBC. Senators voted 49-49 to reject the national emergency Trump used to impose tariffs of between 10% and 50% on many of the US’ major trading partners. Senator Sheldon Whitehouse (D-R.I.) and Mitch McConnell (R-Ky.) were missing from the vote, leaving supporters of the resolution short of a majority. Market reaction At the time of writing, the US Dollar Index (DXY) is trading 0.02% higher on the day to trade at 99.65. US Dollar FAQs The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away. The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or…
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