India, Jan. 28 -- The U.S. dollar firmed against its major counterparts on Tuesday after President Donald Trump announced plans to impose tariffs on imported computer chips, pharmaceuticals, and steel, to encourage domestic production of these goods.
Traders also looked ahead to the monetary policy announcement from the Federal Reserve on Wednesday.
The Fed is widely expected to leave interest rates unchanged, but traders are likely to pay close attention to the accompanying statement for clues about the outlook for rates.
CME Group's FedWatch Tool is currently indicating a 74.5% chance rates will be lower by at least a quarter point following the Fed's June meeting.
In U.S. economic news, a report released by the Commerce Department sa...