US announces 10% tax on all imports
Earlier this morning (Vietnam time), US President Donald Trump said that he would impose a 10% tariff on all imported goods, with higher tariffs for some trading partners.
These tariffs will create new barriers for the world's largest consumer economy, reverse decades-long trade liberalism policies and shape global order. Commercial partners are expected to respond with their own countermeasures, which could lead to soaring prices for everything from bicycles to wine.
"This is our Declaration of Independence," Trump said at an event at the White House's Hoaward Garden.
Trump has displayed a poster listing the counterpart tariffs, including 34% for China and 20% for the European Union, as a reaction to the tariffs applied to US goods.
Other details were not immediately released as Trump continued to speak, reflecting his long-standing complaints that American workers and companies were harmed by global trade.
This uncertainty has disrupted the financial market and businesses that have relied on trade agreements that have existed since 2020. However, the US administration has issued an official announcement that a separate tariff on imported cars that Trump announced last week will take effect starting on April 3.
The US has imposed a 20% tariff on all imports from China and a 25% tariff on steel and aluminum, expanding to nearly $150 billion in other goods. Trump advisers say the tariffs will help bring key manufacturing capabilities back to the US.
Economists warn that tariffs could slow the global economy, increase the risk of recession and increase the living expenses of average families in the US to thousands of dollars. Many businesses also believe that continuous moves from the government make it difficult for them to plan their business operations.
Gold prices surge
On Kitco, the world gold price listed on Kitco at 4:00 a.m. on January 3 (Vietnam time) increased sharply to 3,133.7 USD/ounce. US gold futures also recorded a gain of 0.55%, reaching $3,136/ounce.
Last night, financial markets fluctuated strongly as investors waited for announcement from Mr. Donald Trump. US stocks have lost nearly $5,000 billion in value since February.
Gold prices have increased sharply by about 19% since the beginning of this year, continuing the increase of 27% in 2024. This is a clear sign that gold is still considered a safe asset, especially in times of uncertainty.
Meanwhile, the tariffs that the US administration is expected to impose on Chinese goods and other countries are raising great concerns about the possibility of a full-scale trade war, which could lead to a global economic downturn.
These factors continue to support gold's rally, as investors seek safety amid the global financial market could be severely affected by political and economic decisions.
This year, gold has become an attractive investment channel for those seeking protection from market fluctuations and the impact of ongoing trade negotiations. With the upcoming tariff information, gold prices may continue to increase in the coming time, as the market awaits important decisions from political leaders.
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