Published: Jan. 27, 2026 at 5:54 p.m. ET

The U.S. dollar fell to its lowest level in four years on Tuesday, despite President Donald Trump claiming it was “doing great” in a speech in Iowa.

The greenback has retreated in the year since Trump returned to the White House, a stretch that’s been punctuated by frequent tariff threats, strains in U.S. international relations and domestic strife, now playing out in Minnesota.