President Trump’s implementation of 25% tariffs on steel and aluminum imports has driven gold as high as $2,942.70 per ounce amid trade war concerns.
While considering an exemption for Australia, Trump specifically cited Chinese steel exports as indirectly flooding the U.S. market through third countries.
The decision has drawn mixed reactions, with U.S. aluminum producers praising the move while downstream manufacturers warn of higher consumer prices and supply shortages.