100 Days In: Trump’s ‘Strategic Uncertainty’ on Tariffs Leaves Markets Guessing

Oil prices recovered on Thursday as supply concerns emerged following President Trump’s decision to cancel U.S. oil major Chevron’s license to operate in Venezuela. Brent crude futures rose 71 cents (0.98%) to $73.24 per barrel, while U.S. West Texas Intermediate crude gained 64 cents (0.93%) to $69.26 by mid-morning trading. Despite this rebound, both benchmarks have declined approximately 4.5% this month and had settled at their lowest levels since December 10 in the previous session. The upward momentum was tempered by developments in Ukraine, where Trump’s involvement in potential peace negotiations could lead to increased Russian oil flows if successful.

The British pound remained stable against the dollar on Thursday, trading at $1.2674 just below Wednesday’s two-month high of $1.2717, despite President Trump’s announcement of potential 25% tariffs on European Union goods. Analysts suggest sterling could outperform other currencies if tariffs are implemented because of the relatively small US-UK trade deficit. The pound is also finding support from expectations of fewer Bank of England rate cuts compared to other central banks like the ECB.

Gold prices are retreating from record highs this week, dropping 2.3% from Monday’s peak to trade near $2,880 an ounce, likely ending an eight-week rally that was the longest since 2020. This pullback comes as US 10-year Treasury yields climbed above 1% on Thursday, reducing the relative attractiveness of non-interest-bearing gold. Despite this correction, bullion continues to benefit from safe-haven demand driven by global market uncertainty surrounding President Trump’s tariff announcements, including a confirmed 25% levy on European Union imports and potential tariffs for Canada and Mexico pending a March 4 deadline. New research suggests Trump’s planned tariffs on Chinese