India, Feb. 11 -- The U.S. dollar dropped against the euro and the pound in the New York session on Tuesday, as investors assessed the potential impact of new tariffs imposed by the Trump administration on steel and aluminum imports.
President Donald Trump imposed a 25 percent tariff on steel and aluminium imports, which will take effect on March 12.
Investors fear that the new tariffs might lead to higher inflation and slower economic growth.
Fed officials need not rush to adjust the policy stance, Chair Jerome Powell told lawmakers in the Senate Banking Committee.
Powell noted interest rates have been lowered by a full percentage point since last September, describing the Fed's current policy stance as "significantly less restrictive ...