US president says 25% tariffs on steel and aluminium imports to be introduced this week as Chinese tariffs come into effect
Trump to announce 25% aluminum and steel tariffs as China’s levies against US come into effect
The gold price has hit a record high, as investors scramble for a safe haven for their money.
The spot price of gold has risen by 1% in early trading to $2,892 per ounce, above the previous record high set last Friday.
Interestingly, Trump announced his latest tariffs late on Sunday, which suggests that he is not too worried about the market reaction. Typically, Trump has announced tariffs earlier in the weekend, as if he was watching the reaction and to give himself time to back track before stocks or risk assets sold off too sharply. This may suggest that Trump is determined to impose tariffs on these industrial metals.
These tariffs are targeting specific products, rather than individual countries, which makes it hard for any negotiations to take place. We think that this move could boost the gold price, as it may lead to a further flurry of demand to bring gold on shore to the US, in case Trump imposes tariffs on precious metals.
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Source link : https://www.theguardian.com/us-news/live/2025/feb/10/trump-tariffs-world-braces-for-market-turbulence-after-new-steel-and-aluminium-tariff-announcement
Author : Helen Livingstone and Graeme Wearden (now)
Publish date : 2025-02-10 07:30:00
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