US President Donald Trump's 'Liberation Day' tariffs shake markets, push gold to record high
Since the beginning of 2025, gold prices have surged nearly 20%, driven by global economic uncertainty. Speaking from the White House Rose Garden, Trump outlined his tariff strategy, imposing severe penalties on China and the European Union.
FollowGold prices on Thursday (April 3) soared to an all-time high after US President Donald Trump announced sweeping tariffs against key trading partners. The surge saw gold surpass its previous record around 2300 GMT, climbing above $3,150 per ounce as investors sought safe-haven assets. By 2345 GMT, prices had reached approximately $3,160 per ounce. Spot gold was up 0.4% at $3,145.93 at 0018 GMT, after hitting a record $3,167.57 earlier in the session.
Since the beginning of 2025, gold prices have surged nearly 20%, driven by global economic uncertainty. Speaking from the White House Rose Garden, Trump outlined his tariff strategy, imposing severe penalties on China and the European Union. Dubbed "Liberation Day," the plan included a 34% tariff on Chinese imports, 20% on EU goods, and 24% on Japanese products.
Explained: Donald Trump imposes 26% reciprocal tariff on India; what it means for trade and economy
Trump's tariff chart highlighted India's 52% tariff rate, which he attributed to "currency manipulation and trade barriers." In response, the US imposed a "discounted reciprocal tariff" of 26%. Meanwhile, other nations, including the UK, faced a baseline 10% tariff.
Financial markets reacted swiftly to the announcement, with US stock futures plummeting. By 2345 GMT, the Dow Jones fell 2.4%, Nasdaq dropped 4.2%, and S&P 500 futures slid 3.5%.
Technology companies reliant on overseas manufacturing saw sharp declines. Apple shares dropped 7.4% after hours, Nvidia fell 5.2%, and TSMC lost 5.9%. The clothing industry also suffered, with Gap down 8.5%, Ralph Lauren falling 7.3%, and Nike slipping 7.1%. The tariffs, set to take effect on April 9, will impose a 34% duty on Chinese products and a 46% tariff on Vietnamese goods, impacting apparel and footwear companies heavily reliant on these markets.
Bike taxis banned in Karnataka: High Court gives six-week deadline for suspension
subscribe to Asianet Newsable WhatsApp channel by clicking here.
