Gold's price (XAU/USD) sees losses accelerate going into Friday with a near 3% loss since it printed a new all-time high at $2,956 on Monday. The precious metal currently trades at $2,860 at the time of writing, after United States (US) President Donald Trump reiterated that tariffs for Mexico and Canada will start on March 4, while China will see an additional 10%, raising the total rates to20% on imports into the US. This dampens hopes markets still had for a possible delay in the implementation of these tariffs.
Meanwhile, China is set to retaliate and it is ready to hit back at Trump's trade tariffs, raising the risk of a tit-for-tat trade war between the two big economies.
"If the US insists on having its own way, China will counter with all necessary measures to defend its legitimate rights and interests," a spokesperson for the Chinese Ministry of Commerce said this Friday.
Source: FXStreet
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