Gold hits record $3,384 as Trump tariff fears grow

Post by: Omar Nasser

gold prices went up and hit a new record. The price of gold went over $3,384. This happened because people are worried about the new taxes that President Trump is putting on products from other countries. At the same time, the U.S. dollar became weaker, and the stock market didn’t do well—some stocks went up, but others went down.

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Many markets were closed because of the Easter holiday, so not much trading happened. But this week, some important reports will be released. These reports will help show how the President’s trade rules are affecting the economy.

Some countries, like Japan, are trying to make deals with the U.S. to avoid big taxes. But China warned other countries not to agree to anything that would hurt China’s needs.

Most countries have to pay a 10% tax on products they send to the U.S., but China has to pay a much bigger tax—up to 145%. China also put a 125% tax on U.S. goods in return.

A Chinese spokesperson said, “Making peace by giving up your own needs won’t work. Trying to only help yourself and hurt others will cause failure.”

Last week, President Trump said that he still thinks a deal with China can happen. “Yes, we are talking to China. I think we will make a very good deal,” he said.

Because people are nervous about the world economy, they bought more gold. Gold is often seen as a safe thing to buy when the future looks uncertain. Also, the dollar became weaker because of a disagreement between President Trump and the leader of the U.S. central bank.

The central bank leader warned that the new taxes might cause prices to go up for a short time and said the bank might not lower interest rates. President Trump didn’t like that and said, “If I want him out, he’ll be out fast.” But the bank leader said he will stay and that the bank should not be controlled by politics.

The dollar became weaker, while the Japanese yen and the euro became stronger.

A finance leader from Europe said the President’s strong actions had already hurt the dollar’s trust. He said if the central bank leader is removed, it could cause even more problems.

Another bank official said that most experts agree that banks must work freely without being controlled by politics.

The stock market had a mixed start. Some cities, like Tokyo and Taipei, went down. But others like Shanghai, Seoul, Singapore, Manila, and Jakarta went up.

Oil prices went down because people are worried that the world economy might slow down.

Traders are now waiting to see reports this week about how factories around the world are doing. These reports may show how the new taxes are starting to affect trade and business.

One expert said, “It’s now clear that the image of the U.S. has been hurt. This problem is not going away. Investors and even other countries are starting to see U.S. rules as something that can change quickly.”

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