U.S. dollar ticks up

The U.S. dollar increased in late trading on Friday.

The dollar index, which measures the greenback against six major peers, gained 0.11 percent to 98.157 at 1900 GMT.

In late New York trading, the euro added to 1.1731 dollars from 1.1729 dollars in the previous session, and the British pound climbed to 1.3589 dollars from 1.3583 dollars in the previous session.

The U.S. dollar bought 157.02 Japanese yen, higher than 156.49 Japanese yen in the previous session. The U.S. dollar decreased to 0.7811 Swiss francs from 0.7819 Swiss francs, and it lost to 1.3587 Canadian dollars from 1.3612 Canadian dollars. The U.S. dollar fell to 9.2172 Swedish Kronor from 9.2354 Swedish Kronor.

U.S. President Donald Trump on Friday threatened to increase tariffs on cars and trucks imported from the European Union (EU) to 25 percent next week.

Trump said on Truth Social that he is "pleased" to announce that, based on the fact the EU is not complying with U.S.-EU trade deal, next week he will be "increasing tariffs charged to the European Union for cars and trucks coming into the United States," adding the tariff will be increased to 25 percent.

"It is fully understood and agreed that, if they produce cars and trucks in U.S.A. plants, there will be NO TARIFF," he stressed.

Bernd Lange, chair of the European Parliament's (EP) Committee on International Trade, on the same day strongly condemned the U.S. plan to slap the auto tariff, declaring the move "unacceptable" in a post on X.

Lange said the EU and the EP are honoring the trade agreement reached with the United States in Scotland last year, and are working on legislation to implement it.

"We are currently drafting the legislation; we have a parliamentary position and aim to finalize this in June," Lange said.

Lange said the United States has repeatedly breached the agreement, including imposing tariffs on more than 400 products containing steel and aluminium. Those products are now subject to an average tariff of 26 percent, he said.

He noted that Trump's latest move demonstrates just how "unreliable" the U.S. side is.

A European Commission spokesperson said Friday that the EU will "keep options open" to protect its interests if the United States takes measures inconsistent with the joint statement between the two sides signed last year on reciprocal, fair and balanced trade.

The EU remains fully committed to a predictable, mutually beneficial transatlantic relationship, the spokesperson said, adding that should the United States take measures inconsistent with the Joint Statement, "we will keep our options open to protect EU interests."

The EU is implementing its Joint Statement commitments in line with standard legislative practice, keeping the U.S. administration fully informed throughout, the spokesperson said, adding that the EU maintains close contact with its U.S. counterparts while also seeking clarity on U.S. commitments under the deal.

The U.S.-EU trade deal was reached last year, under which the EU would suspend tariffs on all U.S. industrial products and introduce tariff-rate quotas for a wide range of U.S. agri-food products entering the EU market. In return, the United States would apply a 15-percent import tariff on most EU goods.

The U.S. Supreme Court ruled in February that the Trump administration's tariff policies under the International Emergency Economic Powers Act were unconstitutional. But the Trump administration has since introduced a new set of import taxes based on other laws, seeking to impose a new tariff regime.

According to EU statistical agency Eurostat, the value of EU-U.S. trade in goods and services reached 1.7 trillion euros (about 2 trillion U.S. dollars) in 2024, equivalent to roughly 4.6 billion euros per day.