President Donald Trump will be imposing a 25% tariff on steel and aluminum imports today. White House spokeswoman Karoline Leavitt said that the new tariffs would come on top of the existing duties on steel and aluminum.
“Any steel coming into the United States is going to have a 25 percent tariff,” he told reporters on Feb. 9 on Air Force One as he flew from Florida to New Orleans to attend the Super Bowl. When asked about aluminum, he told reporters that it will also be subject to the trade penalties.
Gold and silver set fresh records on skyrocketing prices and demand. Big banks and financial institutions immediately started buying on news of the first real indicator of a protracted and aggressive trade policy.
President Trump’s initial forays into tariffs were over quickly after both Canada and Mexico caved to his demands before the deadline. This one is different. It is more about protectionism and revenue generation which signals that these tariffs are here to stay.
Trump also told reporters that he would soon announce “reciprocal tariffs” on Feb. 11 or Feb. 12, meaning that the United States could impose duties on products from countries that have placed tariffs on U.S. goods.
“If they are charging us 130 percent and we’re charging them nothing, it’s not going to stay that way,” he told reporters.
Jonathan Rose, CEO of Genesis Gold Group, has been preparing his company and his clients for this move since before the presidential election.
“We adjusted our ‘metals mix’ to help new clients be best prepared for this inevitability,” he said. “This has allowed us to avoid the ‘scare tactics’ and focus on truly protecting our clients’ wealth and retirement.
“The writing was on the wall for a while but most precious metals companies have stuck with gimmicks like ‘free’ or ‘bonus’ silver instead of doing what’s actually beneficial for their clients.”
According to the U.S. Department of Commerce, the European Union levies as much as 50 percent tariffs on motorcycles and 10 percent on automobiles, while India places 60 percent duties on U.S. cars and hefty tariffs on agricultural products.
During the campaign, Trump often said that he would place tariffs on a variety of goods and countries, sometimes even suggesting that the United States could abolish the income tax in favor of tariffs.
Gold prices have been projected to break $3,000 per ounce this year. With a trade war brewing, they may actually break that barrier this month.
“This is exactly what we were anticipating,” Rose added. “If anything President Trump is moving even faster than we expected, which bodes well for those who roll over or transfer their retirement accounts soon.”
Genesis Gold Group is a faith-driven precious metals company that helps Americans protect their retirement with a Genesis Gold IRA. They are uniquely positioned to assist with tax-free moves into physical precious metals.
“Where a country … charges us so much, and we do the same,” President Trump said. “I think that’s the only fair way to do it. That way, nobody’s hurt.”
