The customs duties imposed by US President Donald Trump have confused the countries of the world, including the allies of the United States, at various rates of markets during today’s trading, which were taken from safe havens of assets and reluctance to risk.
gold
Gold rose to a record level during today’s dealings amid investors rushing towards the assets of safe haven after Trump announced customs duties, before retreating with the direction to reap profits.
Gold increased in immediate transactions to $ 316.71 an ounce, which is the highest ever, but fell 0.18% to 3127.44 dollars in the latest transactions.
US gold futures lost 0.56% to $ 3147.20 an ounce.
Trump said on Wednesday that he would impose 10% basic customs duties on all imports to the United States and a customs database on dozens of countries, including a number of the largest commercial partners, exacerbating a trade war that already shakes global markets.
The White House said in a fact sheet that anti -customs duties do not apply to certain goods, including gold and energy and “minerals that are not present in the United States.”
Capital com, Kyle Roda, said that one of the factors supporting gold is “the slowdown that the customs duties of the American economy are likely to cause, which increases the risk of reducing interest rates in the future.”
The Trump administration also confirmed that the 25% international customs duties on cars and trucks will enter into force on time scheduled for the third day of April and that fees on auto parts imports will start on May 3.
Gold is usually seen as a means of hedging in times of political and financial ambiguity, and its prices have jumped by more than 19% since the beginning of the year against the background of the fog surrounding customs duties, the possibilities of reducing interest rates, geopolitical conflicts and purchases by central banks.
https://www.youtube.com/watch?v=h0evzr6t-rw
Oil
In the oil markets, crude prices fell under the pressure of customs duties, raising fears of the outbreak of a global trade war that may undermine the demand for crude due to expectations of low production and the decline in economic growth.
Brent crude futures fell 3.74% to $ 72.15, in the latest transactions, and US West Texas Intermediate crude futures were 3.92% to $ 68.90.
Al -Shadan recorded an increase when settling in the previous session last night, but they turned to the decline during the press conference held by Trump and announced the customs duties.
“We realize that this will have a negative impact on trade and economic growth, and thus on the growth of demand for oil. But we do not know the extent of the amusement of that, as its effects will gradually appear in the future,” said Pierni Shieldrob, chief commodity analyst at the SEB Group, Pierni Sheldroub.
The White House said yesterday that oil and gas imports and refined products will be exempt from the new customs duties imposed by Trump.
Trump’s policies of customs duties may lead to exacerbation of inflation, slow economic growth and increase commercial conflicts, which have negatively affected oil prices.
The US Energy Information Administration data issued yesterday supported the decline, after it suddenly increased in US crude stocks of 6.2 million barrels last week, compared to analysts’ expectations, a decrease of 2.1 million barrels.
Dollar
The dollar fell on a large scale in Thursday’s trading, while the euro climbed after the declaration of customs duties, and investors rushing to safe havens, such as the yen and the Swiss franc.
“The markets are dominated by the position of reluctance to risk, amid an assessment of the possibilities of declining global economic growth,” said Kyle.com, chief financial market analyst at Capital.com,.
The dollar index, which measures the performance of the US currency compared to 6 global currencies 2.18%, decreased to 101.55 points at the time of preparing this report.
The euro rose after customs duties advertisements, its increase in the latest transactions reached 1.75% at 1.10 dollars, and the pound rose 1.34% to $ 1.31.
The strategic expert at the National Bank of Australia, Rodrigo Cutrill, said that the steadfastness of the euro is likely to focus on Europe on supporting its economy from the impact of American customs duties and not seeking to respond.
The Chinese yuan abroad recorded the lowest level in a month immediately after announcing the fees. And in emerging markets.
