The dollar slid against the yen, while the euro held gains against the greenback on Wednesday as U.S. President Donald Trump announced global reciprocal tariffs that look certain to escalate a trade war with global partners.

In late trade after Trump reiterated that the United States would impose 25% tariffs on foreign-made autos, the euro extended a rise to $1.0895, up 0.92%, while the dollar turned 0.38% higher against the yen to 150.20 yen.

"Currency trader positioning is turning bearish on the dollar and becoming more bullish on the currencies of major U.S. trading partners as the United States prepares to launch a multinational trade war," said Joseph Brusuelas, chief economist at RSM U.S., in a research note published Monday.