On Saturday, US President Donald Trump announced a significant increase in import tariffs on goods from the European Union and Mexico, raising them to 30%, effective August 1st. This move reflects the ongoing trade negotiations that have yet to yield a satisfactory agreement, heightening the risk of a trade war.
As a result, the price of Gold surged to $3,373.99 per troy ounce during Monday’s trading session on July 14, 2025. Compared to Friday’s close, Gold saw an increase of over $18 or 180 pips, marking its highest level in the past three weeks.
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In contrast to Gold’s rise, the Nasdaq Index fell sharply by 123 points, bringing it down to 22,817.
The trade negotiations between the United States and its partners have been largely unfruitful. By the deadline on July 9th, only three countries managed to reach a trade agreement: the United Kingdom, China, and Vietnam.
Before imposing the tariffs on the European Union and Mexico, Trump had already increased import tariffs on several other countries, including Japan, South Korea, and Canada.
As of now, neither the European Union nor Mexico have plans to retaliate against the import tariff hike from the United States, focusing instead on continued negotiations in the lead-up to August 1st.
