Gold Edges Higher Amid Prospects of Broader, Higher U.S. Tariffs
2344 GMT — Gold edges higher in the early Asian session amid prospects of broader and higher U.S. tariffs that would enhance the safe-haven allure of the precious metal. Recently, President Trump has pressured his team to be more aggressive on tariffs, encouraging the team to devise plans that would apply higher rates of tariffs on a broader set of countries, the WSJ reported, citing people familiar with the conversations. Gold starts 2Q from a historically strong position, underpinned by economic and geopolitical conditions that fully justify its current appeal, Pepperstone's research strategist Quasar Elizundia says in an email. Spot gold is 0.1% higher at $3,125.43/oz. (ronnie.harui@wsj.com)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Times
28 minutes ago
- New York Times
‘Golden Share' in U.S. Steel Gives Trump Extraordinary Control
To save its takeover of U.S. Steel, Japan's Nippon Steel agreed to an unusual arrangement, granting the White House a 'golden share' that gives the government an extraordinary amount of influence over a U.S. company. New details of the agreement show that the structure would give President Trump and his successors a permanent stake in U.S. Steel, significant sway over its board and veto power over a wide array of company actions, an arrangement that could change the nature of foreign investment in the United States. The terms of the arrangement were hammered out in meetings that went late into the night on Wednesday and Thursday, according to two people familiar with the details. Representatives from Nippon Steel — which had been trying to acquire the struggling U.S. Steel since December 2023, but had been blocked by the Biden administration over national security concerns — came around to Mr. Trump's desire to take a stake that would give the U.S. government significant control over the company's actions. Nippon had argued that this influence should expire — perhaps after three or four years, the duration of the Trump administration. But in the meetings, which were held at the Commerce Department, Trump officials led by Commerce Secretary Howard Lutnick insisted that the golden share should last in perpetuity, the two people said. Under the terms of the national security pact, which the companies said they signed Friday, the U.S. government would retain a single share of preferred stock, called class G — as in gold. And U.S. Steel's charter will list nearly a dozen activities the company cannot undertake without the approval of the American president or someone he designates in his stead. Want all of The Times? Subscribe.
Politico
2 hours ago
- Politico
Rand Paul says he'd be willing to negotiate on megabill support
One of the Senate GOP's biggest critics of President Donald Trump's 'Big Beautiful Bill' won't rule out coming around on the sweeping domestic policy package. But Sen. Rand Paul (R-Ky.) told NBC's Kristen Welker on Sunday that he would need the White House to make major modifications to the bill's planned $5 trillion debt ceiling hike to garner his support. 'Congress is awful with money, and so you should give them a more restricted credit line, not an expansive one,' he said on 'Meet the Press.' 'Yes, the debt ceiling has to go up, but what I've said is it ought to go up three months at a time and then we should have a renewed debate about the debt. We shouldn't put it up $5 trillion and wait two years, go through another election cycle and be almost toward the end of the Trump administration and say, 'Oh, whoops, we've added a bunch of debt.'' Trump's megabill passed the House by just a single vote in May, landing in a Senate Republican caucus with competing priorities and a tricky political landscape. But three of the Senate GOP's most skeptical deficit hawks — Wisconsin Sen. Ron Johnson, Utah Sen. Mike Lee and Florida Sen. Rick Scott — have signaled they could eventually lend their support to the bill. Gaining Paul's approval could prove far more costly for appropriators. 'Separate out the debt ceiling and have a separate vote on it,' Paul told Welker. 'And I won't be the deciding vote on this. This is what I tell my supporters. If I am the deciding vote, they'll negotiate. If I'm not, they won't. So far they've been sending their attack dogs after me, and that's not a great persuasion technique.'
Axios
2 hours ago
- Axios
Exclusive: Zorro clinches $20M Series A for ICHRA health plans
Health benefits provider Zorro raised $20 million in Series A funding led by Entrée Capital, CEO Guy Ezekiel tells Axios exclusively. Why it matters: As employers wrestle with rising health plan costs, individual coverage health reimbursement arrangements (ICHRAs) are gaining steam. Driving the news: Launched in 2020, ICHRAs were enabled by a Trump-era rule letting employers reimburse employees tax-free for individual health insurance instead of offering group plans. After a slow start, rule clarifications and compliance tools made them more accessible to midsized employers. Follow the money: Existing backers Pitango and 10D joined the round, which will be used to scale operations and improve support for employers. The Series A brings Zorro to $31.5 million total raised. The company is not yet profitable. How it works: New York City-based Zorro replaces traditional group plans with defined-contribution models. Employers set a budget; employees use Zorro's AI engine to select personalized plans, and brokers get real-time tools to compare group plans versus ICHRA-based options. When it onboards an employer, Zorro asks them to send their benefits roster from the previous year, asks about quality and budget priorities for the upcoming year, and helps predict what benefits employees might want next. Zorro has "several thousand" lives on the platform, per Ezekiel. Between the lines: Zorro's pitch hinges not just on cost control but on its ability to shift complex decision-making from HR to software — claiming that 75% of users enroll without human help. What they're saying: "We're giving the employer a line of sight to how his upcoming year is going to look," says Ezekiel. Reality check: While ICHRAs are gaining traction, they remain a small fraction of the employer market. Zorro's long-term success depends on widespread broker adoption and employee trust in AI-led benefit decisions. State of play: A February Bailey's report predicted the debut of several new ICHRA startups in 2025. Several others have secured recent funding. In April, Thatch raised $40 million in Series B funding led by Index Ventures and Venteur Health Insurance raised a $20 million Series A led by Informed Ventures and American Family Ventures. Remodel Health last December collected more than $100 million in a round led by Oak HC/FT and Hercules Capital.
