The US dollar pared a sharp decline against most major currencies on Monday after US President-elect Donald Trump denied a report that his tariff plans won’t be as broad as originally feared, with the currency volatility buffeting traders who have piled into long positions on the greenback to open the year.

Global investors cheered a report that the Trump administration is considering a watered-down tariff policy. The Washington Post reported President-elect Donald Trump’s aides are exploring plans to apply global tariffs on critical imports only.

The dollar remained weaker even after U.S. President-elect Donald Trump denied a Washington Post report that his proposed trade tariffs could be less stringent than previously planned. The dollar's fa

U.S. President-elect Donald Trump on Monday denied a newspaper report that said his aides were exploring tariff plans that would only cover critical imports, deepening uncertainty among business leaders about future U.

Sources told the Washington Post that preliminary discussions on tariffs have focused on certain sectors deemed key to national or economic security.

President-elect Donald Trump denied a report that his incoming administration is considering paring back his wide-ranging tariff plan. His opponents have said his tariff plan will raise costs for consumers,