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Last week the White House dropped a bombshell: Trump will impose an import tariff of 25% on steel imports and 10% on aluminum imports. For how long the import tariffs will apply, remains unclear. Stock market dropped violently in reaction to the news: the news seems to have surprised investors, despite the fact that Trump on multiple occasions threatened to impose import taxes to “help the domestic industry.” Industrial and manufacturing jobs should come back to the US, according to Trump. Although gold prices (at the time of writing) barely moved on the news, an impending trade war will be bad news for the consumer but positive news for gold prices in the mid-long term.

Trump Announces Import Tax on Steel and Aluminum

Consumers and Investors Will Be Harmed

The Parallels with the Global Trade War of the Great Depression

Source: Charles P. Kindleberger, "The World in Depression 1929-1933"

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