09.04.2025 15:45
The additional customs duties imposed by the United States are provoking reactions. China's latest retaliatory move against Washington's decision has caused tremors in the markets. Starting the day at 3,637 lira, the price of gold per gram rose to 3,436 lira by 15:20. Meanwhile, the price of gold per ounce reached 3,070 dollars.
The impact of global trade wars continues to push gold prices higher. Last night, White House spokesperson Karoline Leavitt stated that nearly 70 countries have reached out to U.S. President Donald Trump to start negotiations since the tariffs were announced on April 2. Leavitt also noted that the tariffs on China, which have reached a total of 104 percent, will come into effect on April 9 (today).
CHINA'S RETALIATION BOOSTED GOLD PRICES
In response to Washington's move, China quickly retaliated. The Chinese Ministry of Finance announced that the additional tariff on U.S. goods will be set at 84 percent. Previously, this rate was stated to be 34 percent. The ministry reported that the additional tariff on U.S. goods will come into effect on April 10.
This announcement from Beijing quickly drove gold prices up. The price of gold per ounce saw an increase of nearly 3%, reaching $3,070.
WORLD STOCK MARKETS PLUMMETED
Following China's retaliation decision, selling accelerated in European stock markets. In Germany, the DAX 40 fell by 3.84%, the CAC 40 index in France dropped by 3.6%, the FTSE 100 index in the UK decreased by 3.61%, and the FTSE MIB 30 index in Italy fell by 3.87%. On the New York Stock Exchange, the S&P 500 index lost 1.57%, the Nasdaq index dropped by 2.15%, and the Dow Jones index decreased by 0.84% yesterday. In the U.S., index futures started the new day with a negative trend. On the futures side, the S&P 500 index is trading with a loss of nearly 2%.
ASIAN STOCK MARKETS TURNED RED AS WELL
The CSI300 index, which tracks leading stocks in China, fell by 1.2% before rising by 0.32%. Hong Kong's Hang Seng index declined by 3.1%. The MSCI index, which tracks Asia-Pacific stocks outside Japan, fell by 2%. Japan's Nikkei index, which rose by 6% yesterday on trade deal expectations, recorded a drop of 4.15% today.