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Before the 2024 election, President-Elect Donald Trump talked daily about tariffs. Now that he’s preparing to take office, it’s becoming increasingly clear that he wasn’t just making frivolous campaign promises. As he is wont to do, he intends to keep his promise and use tariffs as leverage to improve America’s economy.
He even warned China, Canada, and Mexico that if they don’t help him seal the border from human invasion and drug trafficking, they would be the first recipients of harsh tariffs on top of what he already has planned.
So far, it seems to be working as both Canada and Mexico signaled a strong willingness to play ball.
With Trump’s Agenda 47, tariffs will be implemented swiftly and economists believe will likely have their desired effect. As Reuters noted Thursday:
Gold prices rose on Thursday as geopolitical uncertainty and trade war concerns boosted safe-haven demand, with low trading volumes expected as U.S. markets are closed for the Thanksgiving holiday.
Geopolitical risks remain elevated with ongoing war in Russia-Ukraine, and while an Israel-Hezbollah ceasefire is in force, Israel’s contingencies for retaliation keep tensions alive, said Aneeka Gupta, director of macroeconomic research at WisdomTree.
U.S. President-elect Donald Trump’s pledge to hit Canada and Mexico with tariffs was also having an effect, she added. “It did increase a bit of concern on the possible repercussions from these two countries. So that continues to remain an important support factor for gold.”
