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

President Donald Trump has imposed 25% tariffs on most Canadian and Mexican imports and raised the charge on China to 20%, affecting roughly $1.5 trillion in annual imports. Canada and China have retaliated with their own tariffs, with Canada imposing phased levies on $107 billion worth of US goods and China imposing tariffs of up to 15% on American agricultural shipments. The tariffs are expected to have significant economic impacts, including increased costs for US households and slower economic growth, and may lead to further retaliatory measures from other countries.

Gold extended its gains for a second consecutive session on Tuesday, rising 0.9% to $2,919.44 an ounce as investors flocked to safe-haven assets amid escalating global trade tensions. President Trump’s implementation of 25% tariffs on Mexican and Canadian imports, along with doubling duties on Chinese goods to 20%, triggered immediate retaliation from China through additional tariffs and new export restrictions. This trade conflict, described by BullionVault’s head of research as “Trump 2.0 delivering exactly the chaos he promised,” has bolstered gold’s appeal as an “all-weather hedge” for both Western investors and emerging-market central banks. Gold has gained 10% this year,