A weakening US dollar in 2025 is quietly functioning as an undeclared tariff, slashing the price of American goods overseas while hiking costs for imports. With the DXY index plunging nearly 10% year-to-date to sub-97 levels, this dollar depreciation trend stems from ballooning deficits, policy volatility, and softer growth. Exporters cheer the boost, but importers face squeezed profits—and ripple effects are hitting international trade balances and global unemployment hard.