Gold -4.1%, Silver -6.8% | Missed the rally? Here’s your chance to buy the dip.
President Trump’s reciprocal tariff plan has officially gone into effect, with U.S. Customs and Border Protection beginning to collect country-specific tariffs from 86 U.S. trade partners starting at 12:01 a.m. ET. The plan includes a substantial 104% tariff on Chinese goods, intensifying trade tensions between the world’s two largest economies. China has pledged to impose countermeasures in response, while the European Union, through Commission President Ursula von der Leyen, has indicated willingness to negotiate but is also preparing retaliatory measures.
The tariffs have triggered significant negative reaction in financial markets, with U.S. stocks selling off sharply ahead of the implementation deadline. The move has also drawn criticism from multiple quarters, including Tesla CEO Elon Musk who has escalated attacks on Trump’s trade advisor Peter Navarro. Even traditional Trump allies are expressing concern, with billionaire supporters Ken Langone and Ken Griffin reportedly “furious” about the tariffs. Meanwhile, newly confirmed U.S. Trade Representative Jamieson Greer testified before the Senate Finance Committee regarding the president’s 2025 trade agenda, as Trump claimed that China “wants to make a deal, badly, but they don’t know how to get it started.”
