Trump tariff live updates: Gold reaches record high amid US-China tariff war
Trump tariff live updates: The finance and central bank officials of China, Japan and South Korea met to discuss the US tariffs and their impact on global economic situation, Reuters reported citing China’s central bank on Friday.
Deputy Governor of the People’s Bank of China, Xuan Changneng, was at the ASEAN and China, Japan and South Korea finance and central bank deputies meeting on April 8-9, said the statement.
In a cabinet meeting on Thursday, Donald Trump expressed confidence in his tariffs plan and said that the country might face some ‘transitional problems’, but things will soon fall into place. “There’ll be a transition cost, and transition problems, but in the end, it’s going to be a beautiful thing,” Trump said. “We’re in very good shape.”
Asian markets took a hit early Friday after Wall Street lost steam, giving up much of the momentum from its big rally the day before. Growing jitters over President Donald Trump’s trade war sent Japan’s Nikkei 225 plunging 5.6%.
Trump tariff live updates: The nervous mood spilled over to South Korea and Australia too, where stocks also opened lower.On Thursday, the S&P 500 tumbled 3.5%, slicing into Wednesday’s surge of 9.5% following Donald Trump’s decision to pause many of his tariffs worldwide. The Dow Jones Industrial Average dropped 1,014 points, or 2.5%, and the Nasdaq composite tumbled 4.3%. .
Gold prices surged to a fresh record high on Friday as worries about the impact of US President Donald Trump’s tariffs on the global economy continued.
Bloomberg reported that gold advanced as much as 3% to $3,175.07 an ounce, surpassing a previous peak reached earlier in the month.
US gold futures rose 3.2% to settle at $3,177.5, according to Reuters. Spot silver fell 0.5% to $30.88 an ounce, platinum shed 0.5% to $932.41, and palladium slipped 1.4% to $918.45. .
US President Donald Trump threatened Mexico with tariffs and sanctions over a water dispute. Trump has accused Mexico of violating an 81-year-old water-sharing treaty between the countries, adding that Mexico is “stealing” water from the farmers of Texas, reported Reuters.
Trump tariff live updates: In a post on his own social media platform Truth Social, Trump wrote, “Mexico OWES Texas 1.3 million acre-feet of water under the 1944 Water Treaty, but Mexico is unfortunately violating their Treaty obligation.”
In a cabinet meeting on Thursday, US President Donald Trump expressed hope that he could reach an agreement with China. “Well, we’ll see what happens with China… would love to be able to work a deal,” he said, reported AP.According to Census Bureau data, the US ran a $295 billion trade deficit last year with China.
