Donald Trump Tariffs Announcement LIVE Updates: Gold Hits New Record As Trump Unleashes Tariff Barrage

The price of gold hit a new record shortly after President Donald Trump’s announcement of sweeping new tariffs against most US trading partners.

Gold crossed the previous record at around 23:00 GMT and then continued to climb above $3,150 an ounce, as traders piled into the safe haven asset amid a steep decline in stock market futures.

Italian Prime Minister Giorgia Meloni criticised new US tariffs on imports from the European Union and urged a deal, warning a trade war would only weaken the West.

“The introduction by the US of tariffs towards the EU is a measure that I consider wrong and that does not suit either party,” she said in a statement posted on social media.

US President Donald Trump emphasised that US taxpayers have been unfairly burdened for over 50 years, describing his reciprocal tariff policy as a step toward restoring economic independence.

Trump has set a baseline 10% ‘reciprocal tariff’ on all countries, with higher rates for select nations, including India, which will now be subject to a 26% tariff.

China: 34% European Union: 20% South Korea: 25% India: 26% Vietnam: 46% Taiwan: 32% Japan: 24% Thailand: 36% Switzerland: 31% Indonesia: 32% Malaysia: 24% Cambodia: 49% United Kingdom: 10%

US President Donald Trump pointed out the disparity in motorcycle tariffs, stating that while the United States imposes only a 2.4% tariff, countries like India and Vietnam charge significantly higher rates at 70% and 75%, respectively.

“Such horrendous imbalances have devastated our industrial base and put our national security at risk. I don’t blame these other countries at all for this calamity. I blame former presidents and past leaders who weren’t doing their job… Effective at midnight, we will impose a 25% tariff on all foreign-made automobiles,” he added.

President Donald Trump is delivering remarks on his “Liberation Day” plans from the White House Rose Garden, where he is expected to announce tariffs on US trading partners.

The tariffs will go into effect immediately, the White House said yesterday but added Trump would be open to negotiation once they’re in place.

White House senior counselor for trade and manufacturing Peter Navarro has doubled down on his support for tariffs, framing them as a means to restore America’s industrial strength. Writing in USA Today, Navarro argued that auto tariffs would boost domestic jobs and wages while countering unfair trade practices by foreign nations.

“No longer does America fully manufacture its own automobiles,” he stated, adding that the country has been reduced to merely assembling high-value parts made overseas. According to him, this shift is the result of “unfair trade practices and predatory industrial policies” by other nations that flood the US market with subsidized vehicles while keeping American exports out.

Wall Street has been on a rollercoaster, with stocks swinging in anticipation of President Donald Trump’s tariff announcement.

After a steady climb earlier in the day, markets lost steam but managed to stay in positive territory. The Dow Jones Industrial Average, which surged nearly 400 points at one point, pared its gains but remained up by 97 points (0.23%) in afternoon trading. The S&P 500 was up 0.26%, while the Nasdaq Composite gained 0.4%.

Canadian Member of Parliament Taylor Bachrach told broadcaster CNN, the country is standing firm in its resolve to safeguard workers and push back against trade measures that could hit key industries.

Bachrach highlighted the region’s dependence on the softwood lumber industry—one of the sectors most vulnerable to US tariffs. “People who are involved in these trade-exposed industries are all very concerned about what today’s announcement is going to mean,” he said.

Reciprocal tariffs are import taxes matching those imposed on US exports. While Trump claims foreign nations bear the cost, US importers pay, often passing it on to consumers at higher prices.

Intended to protect local industries, tariffs can trigger retaliation—the EU taxed US goods like bourbon and motorcycles, while China targeted soybeans and pork in response to past US tariffs.

President Donald Trump’s tariffs announcement isn’t just a policy rollout—it’s a spectacle and the guest list at the White House goes on to prove that.

According to reports from broadcaster CBS News, rank-and-file steelworkers and auto workers have been invited to witness the moment firsthand.

Alongside them will be Vice President JD Vance, a majority of Trump’s cabinet and key congressional leaders, including House Speaker Mike Johnson and House Majority Leader Steve Scalise.

The presence of blue-collar workers shows Trump’s push to frame tariffs as a win for American industry.

White House trade adviser Peter Navarro made a bold claim—President Donald Trump’s tariffs will generate $6 trillion in revenue over the next decade. If true, that would make it the largest tax increase in US history, even surpassing the hikes imposed in 1942 to fund World War II, broadcaster CNN said.

Navarro insists the tariffs are actually a tax cut, arguing that they won’t be paid by American consumers but by foreign businesses and governments.

“Tariffs are tax cuts, tariffs are jobs, tariffs are national security,” he said on Fox News Sunday. “Tariffs are great for America. They will make America great again”.

At a time when the US urgently needs new housing to meet surging demand, Donald Trump’s tariff plan could make construction more expensive, according to broadcaster CNN.

The US has struggled with declining home affordability over the last four years, a key issue in Trump’s election campaign. Now, his proposed tariffs on raw materials like lumber, aluminum, and steel threaten to push housing costs even higher.

With millions of new homes needed, builders warn that rising material prices could slow down construction, further straining an already tight housing market.

Former Senate Republican leader Mitch McConnell has signaled he will support a Democratic-led effort to overturn Donald Trump’s tariffs on Canadian imports, Politico reported. His stance could prove decisive as the Senate votes on the resolution later today.

Democratic Senator Tim Kaine revealed that McConnell privately told him he would back the move, which challenges the national emergency declaration used to justify the tariffs.

House Minority Leader Hakeem Jeffries has hit out at Donald Trump’s tariff plans, warning they will worsen the cost-of-living crisis and push the US economy toward recession. Speaking ahead of the White House announcement, Jeffries accused the former president of failing to lower everyday expenses for Americans.

“America is too expensive,” he said at his weekly press conference. “Costs aren’t going down, they’re going up. And the Trump tariffs are going to make things more costly.”

Even before Donald Trump unveils his “Liberation Day” tariffs, key US trade partners have made it clear they will not sit idle.

The European Union has warned that it has a “strong plan” to counter the tariffs. Canada has confirmed it will announce retaliatory measures today. Meanwhile, China, South Korea, and Japan have indicated they will act in coordination to respond. Mexico is expected to detail its course of action tomorrow.

Tariffs tend to rewrite the rulebook on global commerce and goes against the trend as over the past decades the world moved toward freer markets, breaking down barriers.

Trade wars are a cycle. One country slaps tariffs which leads another to retaliate. For those who grew up in an era of globalisation, this is a sharp reversal.

Italian Prime Minister Giorgia Meloni has sounded the alarm on how these measures could severely impact Italian producers while also making premium Italian goods less accessible to American consumers, according to the BBC.

“The United States is our second-largest export market, with a 17% increase in exports in 2024. The US market is crucial for us,” Meloni said, underlining the economic ties between the two nations.

She warned that new tariffs would create significant hurdles for Italian businesses reliant on exports and could ultimately push the cost of high-quality Italian products beyond the reach of many American consumers. “It is clear that the introduction of new tariffs would have a heavy impact on Italian producers. I also believe it would be unfair to many Americans, as it would limit access to our excellent products to only those who can afford higher prices.”

Meloni didn’t rule out countermeasures, stating that Italy would take necessary steps to “defend our industries if necessary.”

Donald Trump has hinted at slapping higher tariffs on pharmaceutical imports, though he suggested life-saving drugs might be spared. But if they aren’t, the impact could be massive, warns an industry CEO.

Gareth Sheridan, CEO of US healthcare firm Nutriband, told BBC World Service that Ireland—a major pharmaceutical exporter—supplies a range of critical medications, from chemotherapy drugs to treatments for heart conditions and diabetes.

Mexican President Claudia Sheinbaum has confirmed that Mexico will not impose tit-for-tat tariffs in response to the latest US trade measures. According to a Reuters report, Sheinbaum emphasised that her administration is focused on a broader strategy rather than immediate retaliation.

While many expected Mexico to respond with countermeasures, Sheinbaum stated that a “comprehensive plan” will be revealed tomorrow

The White House hinted that 10 to 15 countries with large trade imbalances could face new US tariffs. These “Dirty 15” nations fear they will be hit hardest when the April 2 tariffs take effect.

According to White House economic adviser Kevin Hassett, who spoke to Fox Business, these countries use domestic rules on content and food safety to block American products. Unless trade barriers are levelled—or the US imposes even higher tariffs—the new duties will proceed as planned.