Trump says gold to be spared from tariffs
"Gold will not be tariffed," Mr Trump wrote on the Truth Social media platform, without offering further details.
US gold futures were trading 2.36 lower at to $3,408.80 an ounce at 2.15pm ET.
Gold prices hit a record high last week after the US Customs and Border Protection ruled that gold bars from Switzerland would be subjected to tariffs that Mr Trump had placed on the country. A White House official later said it would issue an order in the near future to exempt gold bars.
Had the tariff gone into effect, Switzerland's gold exports would have faced the same 39 per cent charge as other goods.
The Swiss Precious Metals Association on Friday also warned the tariffs could harm "the international flow of physical gold".
"We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the US, a long-standing and historical partner for Switzerland,' said Christoph Wild, the association's president.
Barrick Mining chief executive Mark Bristow told Reuters before Mr Trump's announcement that the tariff's impact on miners would have been minimal.
The price of gold is up more than 27 per cent this year as investors flock to it amid Mr Trump's on-again, off-again tariff agenda.
Eyes are on a trade truce between the US and China that was set to expire on Tuesday. Washington and Beijing had imposed escalating tariffs on each other's goods this year, and the two countries had agreed to a 90-day pause in May that temporarily lowered them.
Asked on Monday about the deadline, Mr Trump said: "We'll see what happens. They've been dealing quite nicely. The relationship is very good with President Xi [Jinping] and myself."
Abramovich London
A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.
A three-storey penthouse at Chelsea Waterfront bought for £22 million.
Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.
Sale of Chelsea Football Club is now impossible.
Structural%20weaknesses%20facing%20Israel%20economy
%3Cp%3E1.%20Labour%20productivity%20is%20lower%20than%20the%20average%20of%20the%20developed%20economies%2C%20particularly%20in%20the%20non-tradable%20industries.%3Cbr%3E2.%20The%20low%20level%20of%20basic%20skills%20among%20workers%20and%20the%20high%20level%20of%20inequality%20between%20those%20with%20various%20skills.%3Cbr%3E3.%20Low%20employment%20rates%2C%20particularly%20among%20Arab%20women%20and%20Ultra-Othodox%20Jewish%20men.%3Cbr%3E4.%20A%20lack%20of%20basic%20knowledge%20required%20for%20integration%20into%20the%20labour%20force%2C%20due%20to%20the%20lack%20of%20core%20curriculum%20studies%20in%20schools%20for%20Ultra-Othodox%20Jews.%3Cbr%3E5.%20A%20need%20to%20upgrade%20and%20expand%20physical%20infrastructure%2C%20particularly%20mass%20transit%20infrastructure.%3Cbr%3E6.%20The%20poverty%20rate%20at%20more%20than%20double%20the%20OECD%20average.%3Cbr%3E7.%20Population%20growth%20of%20about%202%20per%20cent%20per%20year%2C%20compared%20to%200.6%20per%20cent%20OECD%20average%20posing%20challenge%20for%20fiscal%20policy%20and%20underpinning%20pressure%20on%20education%2C%20health%20care%2C%20welfare%20housing%20and%20physical%20infrastructure%2C%20which%20will%20increase%20in%20the%20coming%20years.%3C%2Fp%3E%0A
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
2 hours ago
- The National
Mark Zuckerberg celebrates as Threads closes gap with X
Meta founder and chief executive Mark Zuckerberg celebrated as the company's Threads platform passed 400 million active users, closing a gap with Elon Musk's X. Various estimates indicate that X, which went live in 2006 as Twitter, has between 500 million and 600 million active monthly users. "Threads on the up and up," Mr Zuckerberg posted on the platform with a fire emoji. Adam Mosseri, who leads Meta's Instagram app and briefly oversaw Threads, also hailed the news. "This started as a zany idea to compete with Twitter and has evolved into a meaningful platform that fosters the open exchange of perspectives," Mr Mosseri wrote. He said those at Meta working on Threads know there is more work to be done to keep the user base growing. b "I'm grateful to all of you for making this place what it is today," Mr Mosseri said. Meta hastened the development of Threads in 2023 and launched it shortly after Elon Musk's acquisition of Twitter caused significant concern and controversy among users who worried about the world's richest person withdrawing various fact-checking and hate speech policies, among other changes. In the initial description for the app on Apple iOS App Store, Meta said it wanted Threads to be a place 'where communities come together to discuss everything from the topics you care about today to what you'll care about tomorrow'. Because the app was paired heavily with Meta's Instagram accounts, it was quickly able to accumulate 100 million users in its first week, alengagement time on the app initially struggled to grow. The similarity of Threads to X at the time prompted Mr Musk's company to send a letter to Meta alleging 'wilful and unlawful misappropriation of Twitter's trade secrets and other intellectual property'. But there was no specific litigation. The decision by Meta to pair the app with Instagram and make the sign-up process significantly easier increased interest in the platform. But it also caused scrutiny in countries such as Turkey, where regulators accused the app of breaching data-sharing policies due to its tie-in with Instagram. Meta also later made tweaks to Threads to comply with data-sharing rules, among other policies in the EU. While there is still much debate over how much time users are spending on Threads, it has managed to provide an alternative to X, which continues to operate under a cloud of scrutiny due to Mr Musk's recent forays into politics.
Al Etihad
4 hours ago
- Al Etihad
US oil output to slide in 2026 as price drop slows drilling
12 Aug 2025 23:44 (BLOOMBERG)US oil production is now expected to fall in 2026 as prices slide, according to a government forecast, reversing years of growth that propelled the country to the world's top crude output is now expected to shrink to 13.28 million barrels a day in 2026, according to the Energy Information Administration's Short-Term Energy Outlook released Tuesday. The agency's previous projection in July was for 13.37 million barrels a day, and the country is on track for the first annual drop in production since decreased output deals a fresh blow to US President Donald Trump's push for American energy dominance. Trump declared an energy emergency early in his second term in a bid to boost shale companies and the US agency have warned that falling oil prices heading into 2026 will decrease the appetite for drilling, with current drilling rigs in the US hovering around four-year increased efficiency from existing wells are expected to boost production by 1.5% to an all-time high of about 13.41 million barrels a day this increased US output, alongside increases from Saudi Arabia and its allies, is set to contribute to global inventory builds of more than 2 million barrels a day in the fourth quarter of 2025 and the first quarter of next year, according to the EIA. That's about 800,000 barrels a day higher than the agency's estimate last EIA also increased its forecasts for a global supply surplus in 2025 to about 1.7 million barrels a day, up from a previously estimated 1.1 million barrel. For next year, the agency expects a surplus of around 1.5 million barrels a day, compared to its previous estimate of 1.1 million barrels a brings the US estimates more in line with the International Energy Agency, which projects a supply glut of 2 million barrels a day in 2026. The IEA will release its latest report on lower oil prices present a challenge for shale companies, it could help bring relief for consumers. The US is now predicting that Brent crude prices will drop to $50 a barrel in early 2026, which is down about $15 a barrel from where crude futures are currently trading. The average national retail gasoline price is now estimated to be $2.90 a gallon next year, according to the EIA's report. That would be lowest cost since the spring of 2021, according to AAA data.
Al Etihad
4 hours ago
- Al Etihad
White House: Trump to meet Putin in Anchorage, Alaska
12 Aug 2025 22:51 WASHIGNTON (dpa)The highly anticipated meeting between US President Donald Trump and his Russian counterpart Vladimir Putin in the US state of Alaska will take place in the city of Anchorage, the White House said on will set off for the meeting on Friday morning, said his spokeswoman Karoline US president intends to discuss Russia's war against Ukraine with Putin in confirmed that a one-to-one conversation between the two presidents is planned. She did not provide a specific schedule for the meeting and noted that details are still being worked in the south of Alaska, Anchorage is the largest city in the northernmost US Foreign Minister Sergei Lavrov and US Secretary of State Marco Rubio have consulted ahead of the summit in Alaska, the Foreign Ministry in Moscow announced on and Rubio expressed their hopes that the details discussed would be successful, the ministry said. However, the brief statement about the phone call did not provide further specifics. Trump presents the meeting in Alaska as an attempt to move closer to ending the fighting in Ukraine, and has spokes of a possible exchange of territories between Ukraine and Russia. Ukraine has meanwhile firmly rejected any territorial concessions.
