Interest rates, taxes, subsidies and reserves also affect currency value.

The US uses selective tariffs already, which is fine though not actually that helpful IMO, what is new is absurdly high punitive and blanket tariffs on everything. This will tank the stock market, raise prices, cause a recession and perhaps most importantly ruin the reputation of the US as a safe haven.

The absurd tariffs on trading partners that don’t matter like Laos are a perfect illustration of how much thought went into this.