Gold prices have soared beyond $2,900 per ounce, attributed to the ongoing trade war ignited by President Donald Trump's proposed tariffs on steel and aluminum imports. This escalation follows China's countermeasures against U.S. tariffs, potentially affecting American technology companies like Apple and Nvidia. The broader implications include a shift in global trade dynamics as the U.S. may face retaliation from nations, including the European Union and South Korea, heightening uncertainty about the future of global markets and the economy at large.
"Gold surpassed $2,900 per ounce for the first time in history, driven by escalating trade tensions and impending tariffs imposed by the Trump administration."
"Trump's intention to impose tariffs on steel and aluminum imports, which could lead to retaliation from affected nations, highlights the escalating trade war's implications for global markets."
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