_{WORLD NEWS}

Trump Confirms Tariffs on Canada and Mexico Will Proceed

President Donald Trump announced that U.S. tariffs on imports from Canada and Mexico will move forward as scheduled next week after a monthlong delay. Speaking at a White House press conference, Trump reaffirmed his stance, stating, “The tariffs are going forward on time, on schedule.”

Originally signed on February 1, Trump’s executive orders impose 25% tariffs on Mexican and Canadian products and an additional 10% duty on Canadian energy. The tariffs were initially paused after Mexico’s President Claudia Sheinbaum and Canada’s Prime Minister Justin Trudeau pledged to increase border security efforts. However, Trump now insists that the tariffs will be enforced, citing longstanding grievances about foreign trade practices.

Trump also reiterated his commitment to “reciprocal tariffs” and has already imposed a separate 10% tariff on Chinese imports, sparking concerns of an escalating trade war. Both Canada and Mexico had previously planned retaliatory tariffs on U.S. goods before the temporary pause, raising fears of further economic tensions with two of America’s closest trading partners. Read More.

_{COMMODITY NEWS}

Traders Rush to Move Gold from London to New York Amid Tariff Fears

Gold shipments from London to New York have surged due to concerns over potential tariffs by President Donald Trump. Gold held at the Bank of England has been trading at a discount, with withdrawal delays causing a scramble among traders to move their holdings.

Market uncertainty has driven London-based gold prices as much as $20 per ounce below New York's spot price, prompting traders to relocate bullion to avoid potential US import tariffs on raw materials. The Bank of England, which stores gold for financial institutions and central banks, holds around 400,000 bars, making it the second-largest custodian after the New York Federal Reserve.

Despite concerns over gold outflows, Bank of England Governor Andrew Bailey reassured lawmakers that London remains the world’s key gold trading hub. However, the shift highlights growing volatility in the market, as gold prices hit record highs of $2,900 an ounce this month, with analysts predicting a potential climb to $3,000.

Annual gold demand hit a record 4,974 tons in 2024, fueled by central bank purchases and strong investment interest. Supply concerns persist, as production faces increasing financial and environmental challenges, with recycling of gold jewelry on the rise to meet growing demand. Read More.