The Australian Dollar (AUD) extends its losing streak against the US Dollar (USD) for the sixth consecutive session on Monday.
The AUD/USD pair dropped around 2% amid risk-off sentiment following US President Donald Trump's decision to impose import tariffs on China, one of Australia's key trading partners.
On Saturday, the US announced plans to implement 25% tariffs on Canadian and Mexican goods, while Chinese exports would face a 10% tariff, according to Bloomberg. These tariffs, set to take effect on Tuesday, will remain in place until the fentanyl overdose crisis is "resolved."
In response, Canada, Mexico, and China have vowed to retaliate against the broad trade restrictions. China's foreign ministry warned that the tariffs would inevitably impact future cooperation on drug control.
Source: FXStreet
