By Chibuike Oguh and Yadarisa Shabong
NEW YORK (Reuters) -The U.S. dollar rose to a one-week high against the Canadian dollar on Tuesday after President Donald Trump hit Canada with more tariffs while the euro hit a new four-month peak against the U.S. currency on hopes a German defence spending deal.
Trump doubled his planned tariff on all steel and aluminium products imported from Canada, bringing the total to 50%, in response to the province of Ontario applying a 25% tariff on electricity sent to the U.S.
The U.S dollar strengthened 0.53% against the Canadian dollar to C$1.4516 per dollar. It rose to as high as C$1.4521, its highest level since March 4.
Germany’s Greens Party co-leader Franziska Brantner told Bloomberg News in an interview that her party was ready to negotiate a deal that would allow for increased state borrowing to boost defence spending and revive growth.
The euro rose to as high as $1.09305, its highest since November. It was last up 0.76% on the day and has gained more than 4% so far this month as Germany acts to ramp up defence spending.
(Reporting by Yadarisa Shabong in Bengaluru and Tom Westbrook in Singapore; Editing by Ed Osmond, Deepa Babington and Tomasz Janowski)
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