India, April 3 -- The commodity currencies such as Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Thursday, after U.S. President Donald Trump announced steeper-than-expected reciprocal tariffs on U.S. trade partners, heightening concerns over a global trade war that could destabilize major economies. White House press secretary Karoline Leavitt indicated the new levies will be "effective immediately."
Trump imposed an additional 34 percent tariff on Chinese imports, raising total levies in China to 54 percent. Australia was hit with a 10 percent tariff, Japan was struck with a 24 percent tariff, alongside the 25 percent levies on auto and auto parts imports, dealing a hea...