ALBAWABA – Gold prices have seen a significant increase due to the recent tariffs imposed by US President Donald Trump. Spot gold was recorded at $2,869.09 per ounce this morning.
Gold prices hike after Trump’s new rules
Donald Trump, the US President, announced the imposition of new tariffs on imports from Canada, Mexico, and 10% on China’s exports, claiming that they are meant to protect the US economy and trade policies. Trump also stated that the new tariffs would include steel and aluminum.
In response to Trump’s new tariffs, China announced additional tariffs on select US imports. The Ministry of Finance of the People’s Republic of China stated that it would impose a 15% tariff on coal and liquefied natural gas imports from the US this month, along with a 10% tariff on American crude oil, farm equipment, and certain cars and trucks.
It is worth noting that Jean-Noel Barrot, French Foreign Minister, said the European Union (EU) will impose similar tariffs in response to Trump's recent decisions.
"It (the Commission) is ready to push the trigger when the time has come. Now this time has come. It is in no-one's interest to start a commercial war with the European Union," Barrot said.
Spot gold increased by about 0.3% to $2,869.09 an ounce, while the Bloomberg Dollar Spot Index increased by 0.2%. (Shutterstock)
Upon Trump’s recent announcement of imposing 25% extra duties on aluminum and steel imports from all countries, gold prices hiked amid Trump’s tariffs decisions. Bullion prices was recorded at $2,869 an ounce.
Spot gold increased by about 0.3% to $2,869.09 an ounce, while the Bloomberg Dollar Spot Index increased by 0.2%. Silver on the other hand was steady, while platinum and palladium prices decreased.
