Treasury Secretary Scott Bessent warned that tariffs may be raised to “reciprocal levels” if ongoing trade negotiations fail to produce more favorable terms for the U.S.
His remarks come amid escalating rhetoric from the Trump campaign, reigniting fears of renewed trade wars. The prospect of higher tariffs is already influencing market sentiment, prompting a shift toward defensive positioning.
Gold, often viewed as a shield in periods of trade and currency friction, stands to benefit from the uncertainty.