The U.S. dollar declined against most major currencies on Friday after U.S. President Donald Trump announced steep tariffs on steel and aluminum imports.

Trump said on Thursday he would impose 25 percent of tariff on steel imports products and 10 percent on aluminum as early as next week.

Many concerned that the planned tariffs would raise prospects of a trade war and hurt the U.S. economy.

The U.S. dollar was further under pressure after the Bank of Japan Governor Haruhiko Kuroda said that the central bank would consider an exit from its ultra-easy monetary policy if it met its inflation target in the year ending in March 2020.

The dollar index, which measures the greenback against six major peers, was down 0.41 percent at 89.938 in late trading.

In late New York trading, the euro was up to 1.2331 dollars from 1.2254 dollars in the previous session, and the British pound rose to 1.3791 dollars from 1.3770 U.S. dollars in the previous session. The Australian dollar fell to 0.7754 dollar from 0.7760 dollar.

The U.S. dollar bought 105.53 Japanese yen, lower than 106.23 Japanese yen of the previous session. The U.S. dollar decreased to 0.9368 Swiss franc from 0.9420 Swiss franc, and it was up to 1.2893 Canadian dollars from 1.2828 Canadian dollars.