Srinagar, June 3 -- The U.S. dollar weakened broadly on Monday, erasing last week's gains, as renewed concerns over President Donald Trump's tariff policies sparked fears of slower economic growth and higher inflation.

The decline followed Trump's announcement on Friday that steel and aluminum tariffs would double to 50% starting Wednesday. Meanwhile, China's Commerce Ministry dismissed U.S. allegations over critical mineral shipments as "groundless" and vowed strong countermeasures.

Treasury Secretary Scott Bessent hinted at de-escalation, saying Trump and Chinese President Xi Jinping were likely to speak soon to resolve the issue.

Market analyst Michael Brown from Pepperstone observed widespread selling pressure on the greenback, sta...