The US dollar climbed to its highest level in over two weeks against the yen on Wednesday after President Donald Trump announced 25% tariffs on goods from Japan and other countries, promising additional measures affecting at least seven nations in the coming days.

The dollar had already started strengthening on Tuesday following Trump’s threat to impose new tariffs from August 1. Although he later stated he might delay them if trade partners offered alternative proposals, he also warned of a 50% tariff on copper and confirmed plans to introduce long-discussed levies on semiconductors and pharmaceuticals.

The greenback rose to 146.75 yen and briefly touched 147.19. It has gained 1.5% since the start of the week—its strongest weekly advance since mid-December.

The Japanese yen was particularly affected, as Tokyo remains far from a trade agreement with Washington and negotiations appear to be stalled. The upcoming July 20 elections in Japan and rising expectations of fiscal stimulus by the opposition pushed Japanese bond yields higher, putting additional pressure on the currency.

Meanwhile, the euro remained steady at $1.171, as markets awaited minutes from the latest Federal Reserve meeting. Analysts say markets are currently pricing in nearly two Fed rate cuts by year-end, compared to only one expected from the European Central Bank. The dollar index stayed flat at 97.60, while the pound inched up to $1.36.