The U.S. dollar enters a new round of "bear market"? "Retaliation tax" may become a new threat.

According to the Securities Times APP, although the US stock market has basically recovered from the decline caused by tariffs in April, the trend of the US dollar has not yet recovered. Since 2025, the ICE US Dollar Index has fallen by about 8.8%, dropping below 99, marking the weakest annual start at least since the mid-1980s. Analysis points out that this softening of the US dollar is not only due to market volatility, but also reflects changes in global investors' positioning of the US dollar in their asset allocation, driven by the trade policies of the Trump administration.