Gold prices have surged to unprecedented levels following President Donald Trump’s announcement of sweeping new tariffs on imports, a move he has termed a “Declaration of Economic Independence.”

The spot price of gold soared to $3,165.64 per ounce, reflecting a significant uptick in investor demand for safe-haven assets amid escalating trade tensions.

On Wednesday (2), President Trump, speaking from the Rose Garden, declared the day as “Liberation Day” and unveiled a comprehensive tariff plan. This plan includes a universal baseline tariff of 10 per cent on all imports, with higher “reciprocal” tariffs targeting specific countries based on their trade practices. Notably, the European Union faces a 20 per cent tariff, Japan 24 per cent, and China a substantial 34 per cent. Developing nations such as Vietnam and Cambodia are subjected to tariffs exceeding 40 per cent.

President Trump framed these measures as a rebirth of American industry, aiming to counteract unfair trade practices and reduce trade deficits. He asserted that these tariffs would encourage domestic production and lower costs for consumers.

The announcement has sent shockwaves through global financial markets. Major U.S. stock indices, including the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite, experienced significant declines, erasing trillions in market value. European and Asian markets also suffered steep losses in response to the U.S. tariffs and anticipated retaliatory measures.

Investors are increasingly turning to gold as a safe-haven asset amid the market Read More…