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In an unprecedented move, JPMorgan, the world’s leading bullion dealer, has announced plans to deliver £4 billion worth of gold bullion to New York this February. The delivery, comprising 30 million troy ounces or 1.875 million pounds of gold, comes amid mounting concerns over Donald Trump’s imminent trade tariffs.
The timing of this massive bullion transfer coincides with gold prices reaching £2,813 per ounce, marking the second-largest delivery notice in bourse data since 1994. Market analysts note that tariff-war anxieties have created unusual trading patterns, even making air transport of silver—typically shipped by sea due to cost considerations—economically viable.
Trump’s anticipated tariff implementation on Saturday targets Mexico, Canada, and China with levies of 25% and 10% respectively. These nations collectively represent nearly half of US import volume. The former president has indicated potential leniency towards Mexico and Canada, contingent upon their cooperation in addressing undocumented immigration and drug trafficking concerns.
The US administration’s tariff strategy extends beyond North America, with Trump signalling intentions to impose new duties on computer chips, pharmaceuticals, steel, aluminium, copper, and energy imports by mid-February. The European Union faces similar pressure, with Trump citing “horrible treatment” as justification for potential trade measures.
Despite industry concerns about domestic inflation and supply chain disruptions, Trump remains steadfast in his position. The non-partisan congressional budget office estimates that extending the 2017 tax cuts would cost £4.6 trillion over a decade, with proposed tariffs potentially generating £225 billion annually if trade volumes remain stable.
White House Press Secretary Karoline Leavitt has firmly dismissed reports suggesting potential delays in implementing these tariffs, setting the stage for what economists predict could be a significant reshaping of global trade dynamics.
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