As April 2nd's "reciprocal tariff" plan approaches, U.S. President Trump has recently taken a tougher stance on tariff policies. According to several media reports, Trump has urged his team to design a new tariff plan with higher rates and broader coverage, aiming to impose a uniform tariff of up to 20% on almost all U.S. trading partners. As a result, market risk aversion sentiment has increased, and gold prices jumped to $3,093 per ounce during the early Asian trading session, setting a new record.
Sources revealed that although Trump had previously downplayed the impact of a new round of tariffs and even suggested some countries might be exempt, his recent stance has markedly hardened. The Trump administration is currently accelerating the formulation of tariff details, striving to officially announce the plan on April 2nd. During his campaign, Trump proposed a comprehensive tariff concept, although he later shifted to the "reciprocal tariff" approach—charging other countries the same tariffs they charge the U.S.—he has recently reverted to a tough stance.
Trump's advisory team is weighing two options: differentiated rates for different countries or a unified "one-size-fits-all" global tariff. The Wall Street Journal pointed out that one key proposal under discussion is to levy tariffs of up to 20% on all U.S. trading partners, with almost no exemptions. Treasury Secretary Bessette has also indicated that the initial tariffs may focus on the 15% of countries most closely linked to U.S. trade.
Meanwhile, the Trump team is also studying imposing special tariffs on key industries, potentially including mineral resources and related products. Whether these special tariffs will be announced alongside the main plan on April 2nd remains uncertain, but they are expected to be included in the upcoming trade assessment report by the U.S. Trade Representative's office.
On the pricing issue, Trump has shown a dismissive attitude. In an interview with NBC, he stated that even if foreign car manufacturers raise prices due to tariffs, "he doesn’t care at all," and he encourages this. He said, "If foreign cars go up in price, people will switch to buying American-made cars. We have enough capacity."
Trump also denied that he had asked American auto executives in a meeting to avoid raising prices. Previously, it was reported that Trump had pressured car companies not to increase prices, which led to corporate concerns.
Amid intensified uncertainty in global trade policies and changes in U.S. inflation and interest rate outlooks, gold prices have risen by about 17% and repeatedly set new historical highs. Although the market expects fewer Federal Reserve rate cuts this year, gold remains strong, supported by safe-haven funds and continued central bank gold buying.
Observers are closely watching whether the Trump administration will officially launch this more aggressive trade policy on April 2nd, as its impact on global markets will continue to unfold.
