Trump's New Tariffs Spark Global Tension, Dollar Plummets, Gold Prices Soar
Trump's New Tariffs Spark Global Tension, Dollar Plummets, Gold Prices Soar
- •US President Donald Trump delivered his State of the Union address, declaring the American economy in a "Golden Age" and announcing increased tariffs to reduce financial burden on citizens.
- •Trump's actions have led to a five-day decline in the dollar's value, causing gold and silver prices to rise, making gold jewelry more expensive.
- •The Supreme Court ruled Trump's broad tariffs under IEEPA illegal, which Trump criticized as "unfortunate" and "disappointing."
- •Following the ruling, Trump signed an order imposing a 10% global tariff under the 1974 Trade Act, set to increase to 15%, impacting almost all countries including India.
- •The new 10% tariff on India is lower than the previous 18% deal, offering some relief to exporters, while India can continue importing oil from Russia without US retaliatory tariffs.
