The US dollar is caught between two forces. On one hand, the US still offers higher returns than much of the developed world, which can keep the dollar supported. On the other, tariff policy risk has a habit of leaking into inflation expectations, growth assumptions and general willingness to take risk. If tariffs are reworked quickly, markets will have to reprice the inflation path again. If it drags, the uncertainty itself becomes the story.
USD: Dollar steadies despite tariff upset
Christopher Nye
on February 23rd, 2026 
