A key dollar index fell about 3% in the 24 hours surrounding Trump's tariff announcement and is now back to pre-election levels.

Worries that long-term U.S. growth will fade could matter more for the currency than the mechanical impact of tariffs.

Stocks limped to the end of the week on Friday, the dollar was set for its worst week in a month while gold flirted with a record peak as investors feared U.S. President Donald Trump's sweeping tariffs would tip the global economy into a recession.