Gold rose and the dollar fell on Monday after Donald Trump deepened uncertainty over global trade by imposing a new 15 per cent tariff following a landmark US Supreme Court ruling that his previous policy was unlawful.
The US president responded to Friday’s ruling from America’s top court by announcing a flat-rate tariff on the country’s trading partners, which is set to come into force on Tuesday.
The new duty relies on the 1974 Trade Act and will allow Trump to set import restrictions for up to 150 days. In its historic ruling, the Supreme Court said that the president had exceeded his authority in using emergency powers to impose his “liberation day” tariffs last year.
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