Trump's Policies Spark Global Trade War Fears, Gold Prices Surge

President Trump's tariff plans have ignited fears of a global trade war and rising inflation, causing gold prices to surge near record highs. A 10% tariff on Chinese imports and a 25% tariff on steel and aluminum are already in place. Trump announced potential tariffs on lumber, cars, semiconductors, and pharmaceuticals. Federal Reserve minutes indicate concerns about inflation due to Trump's policies, affirming a pause on rate cuts. China's influence grows as the U.S. pulls back on foreign aid. China is sending $4.4 million to support demining operations in Cambodia, while Trump halted a $6.3 million grant from the State Department. Germany's pharmaceutical industry faces potential strain from Trump's tariffs, with a quarter of German pharmaceutical exports going to the U.S. In 2023, Germany exported €26 billion worth of pharmaceutical products, including medicines and medical technology, to the U.S.