Trump tariff news shakes markets, U.S. indexes soar, gold sinks

Gold Finance reports that U.S. White House Press Secretary Levitt confirmed in a press conference that the Trump administration will impose 25% tariffs on Mexican and Canadian goods starting February 1 and denied Reuters' claim that the Mexico-Canada tariffs go into effect on March 1, allowing the two countries to apply for a small number of exemptions. Following the news, the dollar index DXY recovered up to 69 points from its daily low to reach 108.48, and USD/CAD USD/CAD erased its previous losses during the day and turned higher again. Spot gold once dipped to $2,795.34 per ounce. Bitcoin fell below $103,000 per coin during the day, down 1.67% during the day. U.S. and Brent oil narrowed intraday losses, close to flat, at $72.89/barrel and $77.02/barrel, respectively.