Gold miners lift ahead of Trump’s tariff deal deadline
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The news: Gold miners were the top gainers on the ASX 200 in morning trade amid deepening trade war tensions.
The numbers: Gold miners were the top eight performers on the ASX 200 by 11:12am AEST. Vault Minerals led gains as it rallied 7.1% to $0.41.
This was followed by Westgold Resources (+5.1%), Regis Resources (+4%), West African Resources (+3.9%) and Bellevue Gold (+3.7%).
The context: The spot price of gold steadied this morning after reversing losses in a previous session amid concerns regarding the US global tariff regime.
Governments across the world are trying to finalise trade deals with the US ahead of a 9 July deadline.
Overnight US President Donald Trump sent letters outlining indicative tariff rates, which are expected to be effective from 1 August, to several governments.
This includes a 25% rate on US imports from South Korea and Japan.
Letters outlining tariff rates have also been sent to Malaysia, South Africa, Myanmar, Laos, Kazakhstan, Thailand, Cambodia, Serbia, Bangladesh, Indonesia, Bosnia and Herzegovina, and Tunisia.
Some of the new rates are lower than those initially announced on 2 April, while others are marginally higher or unchanged.
Trump also warned trading partners that retaliatory tariffs or transshipping will trigger a US response.
The source: Bloomberg
