Trump tariffs: EU trade chief Sefcovic to travel to Washington; China hikes tariffs on US goods to 125pc

EU trade commissioner Valdis Dombrovskis said the European Commission has offered zero for zero tariffs on all industrial goods with the US during a press conference at the Eurogroup meeting.Dombrovskis said the economic outlook is getting more unpredictable due to the tariffs. He believes the tariffs will hit the US worse than the EU, adding that there would be a loss of investor confidence in the American market. His economic forecast shows that the tariffs could reduce US growth by 0.8pc to 1.4pc through to 2027. EU growth could fall by 0.2pc. If the tariffs are perceived to be permanent, US GDP could be hit by 3.1pc to 3.3pc, with the EU to be hit by up to 0.6pc.Sean Pollock

Analysts said the spike reflects investors searching for so-called ‘safe haven’ assetsGold prices have surged to a new record high with investors flocking to safer assets as US President Donald Trump’s tariff plans continue to spark volatility in the world’s financial markets.The precious metal surpassed 3,200 US dollars (£2,442) per ounce on Friday morning – its highest ever price.Analysts said the spike reflects investors searching for so-called “safe haven” assets.These tend to carry less risk than other investments, such as stocks and shares, and often outperform financial markets during periods of turbulence.Richard Hunter, head of markets at Interactive Investor, said investors “headed to the door once more in search of haven assets” following a “brief relief rally” in equity markets.UK and European stocks surged higher on Thursday as traders welcomed Mr Trump’s decision to push back the introduction of some US tariffs by 90 days.But concerns over the impact of new and higher import taxes remain prominent, while the prospect of all-out trade war between the US and China has intensified.The Royal Mint, which is the UK’s official maker of British coins, said it had seen a jump in demand for gold coins and bars.Toby Osborne, the company’s head of wealth management, said: “Amid escalating trade tensions between the US and China, we’ve seen more customers purchasing physical gold such as coins and bars from the Royal Mint website.“With markets facing uncertainty, gold remains a trusted store of value.”He added that silver was also “gaining popularity, serving as an accessible entry point for investors” while gold trading hit all-time highs.Pawnbroker and retailer Ramsdens earlier this week said higher gold prices, and an increase in the weight of gold purchased by buyers, had helped drive a 50% surge in profits for its precious metals division.Analysts also flagged that some currencies had been boosted amid the turmoil.Investment has been flowing “towards currencies such as the Swiss franc and the yen”, Mr Hunter said, while the US dollar has slumped in value in recent days.Meanwhile, UK and European stock markets opened higher on Friday, but gains were swiftly reversed as tensions between China and the US continued to ramp up.London’s FTSE 100 was in negative territory by Friday morning and losses were growing for the Dax in Frankfurt and the Cac 40 in Paris.Anna Wise, PA

The European Commission's 90-day pause on its first countermeasures against U.S. President Donald Trump's tariffs was "the appropriate decision" that allows for a negotiated solution, Spanish Economy Minister Carlos Cuerpo said on Friday."Delaying countermeasures is in line with our call to reach a negotiated solution t...
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