Why are gold prices soaring amid US President Trump’s tariffs?

President Donald Trump’s tariffs on steel and aluminium imports have caused global market turmoil, leading to currency devaluation. Gold prices have surged to record highs as investors seek a safe haven asset amidst uncertainty. Trump’s reinstatement of 25 percent tariffs on steel and aluminium from all countries, and increased tariffs on Chinese imports, has drawn criticism from world leaders, with Canada’s Prime Minister calling the tariffs unjustified. The US’s major steel and aluminium suppliers include Canada, Mexico, Brazil, South Korea, Germany, and Japan, with Asia expressing concern over the economic volatility caused by Trump’s trade policies.

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