As the possibility of a full-scale trade war stoked concerns about a global recession and rising inflation, gold surged beyond $3,000 per ounce on Wednesday, helped by demand for safe-haven assets
U.S. officials reaffirmed that no immediate exemptions will be given and that further tariffs on nations worldwide will go into place later today.
After failing to remove retaliatory duties on U.S. imports by a deadline set by President Donald Trump at noon on Tuesday, China risks the biggest tax rise in history, which is set at 104%.
Additionally, Trump stated on Tuesday that he will soon declare a “major” duty on imports of pharmaceuticals.
To determine the pain threshold for rate cuts, investors are waiting for the U.S. Federal Reserve’s March policy meeting minutes, which are expected later today.
