India, April 9 -- The U.S. dollar weakened against other major currencies in the European session on Wednesday, amid speculation that the U.S. Federal Reserve may need to speed up rate cuts and also on fears of a potential U.S. recession.
The White House said that it expects 104 percent tariffs in China to go into effect on Wednesday, when Trump's other "reciprocal tariffs" are also set to take effect. Concerns fueled by the tariffs war between the U.S. and China, led to the downturn of USD.
Recession fears and trade war tensions have risen again as the European Commission is contemplating retaliatory tariffs of up to 25% on U.S. exports worth over 22 billion euros.
In the European trading today, the U.S. dollar fell to more than a 7-mon...