The U.S. dollar rose against major currencies including the yen and euro as President Donald Trump rekindled trade tensions with new tariffs on Canada and other trading partners. Trump issued a letter late on Thursday that said a 35% tariff rate on all imports from Canada would apply from August 1.

Chinese traders are pulling back from the dollar, helping ease a shortage that has rattled the banking system and setting the yuan up for further gains.

A troubling shift in the dollar’s trading relationship with U.S. stocks has eased somewhat over the past few weeks.

The Canadian dollar edged higher against its U.S. counterpart on Thursday but the move was modest as the greenback notched broad-based gains and after new U.S. trade tariffs cast doubt about prospects of a trade deal this month between Canada and the United States.

NPR reported that Harvard University economics professor Kenneth Rogoff said the dollar hasn't weakened this much since then-President Richard Nixon canceled the convertibility of the dollar to gold in the 1970s.

The U.S. Department of Justice's Antitrust Division and the U.S. Federal Trade Commission cleared three deals that were together worth $63 billion in June, illustrating how FTC Chairman Andrew Ferguson and DOJ antitrust head Gail Slater are taking a different tack from their predecessors.

The Canadian dollar weakened to a 12-day low against its U.S. counterpart on Wednesday as the greenback notched up broad-based gains after investors shrugged off the latest U.S. tariff threats.