Trump's administration imposed new tariffs of 145% on imports from China, and Beijing responded with 125% tariffs.

This led to a decline in the US dollar and tension in the financial markets.

On May 12, 2025, a temporary trade truce lasting 90 days was reached, during which tariffs were reduced to 30% from the US side and 10% from the Chinese side.

This truce contributed to a partial recovery of the dollar and the Chinese yuan.

The outlook remains unclear, and a return to the previous exchange rate depends on the continuation of the de-escalation or a renewal of tensions.