Overview
- President Trump announced 10% tariffs from February 1 on Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands and Finland, rising to 25% in June if no Greenland deal is reached.
- Gold topped $4,700 and silver neared $95 at fresh all-time highs, supported by safe-haven demand, central-bank buying and a reported 28‑tonne weekly increase in gold ETF holdings.
- European governments began emergency consultations on countermeasures, including a suspended package targeting about €93 billion ($108 billion) of U.S. goods, as leaders signaled unified pushback.
- Risk assets weakened as investors rotated to havens: European and Asian stocks fell, the dollar slipped against the franc and yen, U.S. Treasury yields rose, and Bitcoin hovered near $92,000.
- Traders are eyeing Trump’s Davos remarks and a U.S. Supreme Court hearing related to Federal Reserve governance for potential shifts in perceived policy risk.