President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.

Gold prices climbed over 1% to a more than two-week high on Friday as investors rushed toward safe-haven assets after U.S. President Donald Trump widened the global trade war with the announcement of new tariffs.

President Trump said Tuesday that an ongoing investigation of tariffs on copper will end with 50% duties on the metal, and he threatened 200% tariffs on pharmaceuticals.

Trump and his aides have repeatedly shifted their stance on tariffs in the weeks since the president’s “Liberation Day” announcement.

Copper and other industrial metals extended losses after US President Donald Trump injected fresh uncertainty into his trade agenda with a pledge to impose a 10% tariff on countries aligned with the BRICS bloc of nations.

Trump's tariff announcement delays implementation to August, impacting 14 countries. Markets fall as currencies weaken and exporters decline. Key levels analysed.

US President Donald Trump revealed on Friday that he had signed 12 trade-related letters to be sent out on Monday. These letters will notify specific countries about new US tariffs set to take effect on July 9.