Economics

Summary

Gold prices hit a record $2,896 per ounce as investors sought safe-haven assets following Trump’s announcement of 25% tariffs on steel and aluminum imports.

Aluminium prices also rose, while financial markets reacted nervously. Major suppliers like Canada, Brazil, and South Korea face potential economic impacts, prompting emergency industry meetings and diplomatic efforts for exemptions.

Analysts warn the tariffs could disrupt supply chains, while Trump’s proposed tax cuts may further increase national debt.