FOREX-US dollar hits one-week high against Canadian dollar on Trump tariffs

By Chibuike Oguh and Yadarisa Shabong

NEW YORK, March 11 (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 CAD= 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 EUR=EBS 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.