As a new wave of tariffs subverts global markets, the dollar has erased all gains since Trump won the election last November, Coin World.com reported. "The dollar bear market has arrived and is roaring," said Paresh Upadhyaya, director of fixed income and currency strategy at Amundi, adding that the dollar could fall 10% this year as the United States "hovered on the brink of recession." This is in stark contrast to earlier this year when Trump's policy plans such as tax cuts and tariffs were seen as justification for betting on a rebound in the dollar. In February this year, US Treasury Secretary Bescent said that Trump's policy is "completely consistent" with the strong dollar, thus confirming the administration's strong dollar position. "We may be in the early stages of a structural sell-off in the dollar," said Ed Al-Hussainy, strategist at Columbia Threadneedle Investment.