Gold losses ground against dollar headwinds

TRUMP ANNOUNCES TARIFFS ON COUNTRIES RANGING FROM 10% TO 41% *US SETS 20% TARIFF ON TAIWAN *US SETS 19% TARIFF ON CAMBODIA *US SETS 19% TARIFF ON THAILAND *US SETS 19% TARIFF ON MALAYSIA *US SETS 20% TARIFF ON VIETNAM *US SETS 39% TARIFF ON SWITZERLAND *US SETS 19% TARIFF ON INDONESIA WHITE HOUSE: TARIFF RATE OF 15% FOR CAMEROON, 15% FOR CHAD TARIFF RATE OF 15% FOR ISRAEL TARIFF RATE OF 39% FOR SWITZERLAND TARIFF RATE OF 15% FOR TURKEY TARIFF RATE OF 15% FOR VENEZUELA IF U.S. HAS SURPLUS WITH A COUNTRY, TARIFF RATE IS 10%, SENIOR U.S. OFFICIAL SAYS SMALL DEFICIT NATIONS HAVE 15% TARIFF, SENIOR U.S. OFFICIAL SAYS US to impose 15% tariffs on goods from New Zealand.

TRUMP SIGNS EXECUTIVE ORDER RAISING TARIFF ON CANADA FROM 25% TO 35%; HIGHER RATE EFFECTIVE AUGUST 1, 2025 Trump sets 10% tariff on trading partners *WHITE HOUSE: TRUMP WILL MODIFY CERTAIN COUNTRIES TARIFF RATES BEFORE MIDNIGHT WHITE HOUSE: GOODS TRANSSHIPPED TO EVADE 35% TARIFF ON CANADA WILL BE SUBJECT, INSTEAD, TO A TRANSSHIPMENT TARIFF OF 40% Fact Sheet: President Donald J. Trump Amends Duties to Address the Flow of Illicit Drugs Across our Northern Border Today, President Donald J. Trump signed an Executive Order increasing the tariff on Canada from 25% to 35%, with the higher tariff set to go into effect on August 1, 2025. • Shortly after returning to office, President Trump declared a national emergency under the International Emergency Economic Powers Act (IEEPA) to address, among other things, the public health crisis caused by fentanyl and illicit drugs flowing across the northern border into the United States. • Canada has failed to cooperate in curbing the ongoing flood of fentanyl and other illicit drugs, and it has retaliated against the United States for the President’s actions to address this unusual and extraordinary threat to the United States. In response to Canada’s continued inaction and retaliation, President Trump has found it necessary to increase the tariff on Canada from 25% to 35% to effectively address the existing emergency. Goods qualifying for preferential tariff treatment under the United States-Mexico-Canada Agreement (USMCA) continue to remain not subject to the IEEPA Canada tariffs. Goods transshipped to evade the 35% tariff will be subject, instead, to a transshipment tariff of 40%. COMBATING CANADA’S CONTINUED ROLE IN THE OPIOID CRISIS: Given Canada’s continued failure to arrest traffickers, seize illicit drugs, or coordinate with U.S. law enforcement and Canada’s retaliation against the United States for the President’s actions to address the unusual and extraordinary threat to America, further presidential action is necessary and appropriate to protect American lives and the national security and foreign policy of the United States.

China’s manufacturing sector saw a deterioration in operating conditions in July, according to latest PMI® data. A softening of new business growth led manufacturers to scale back ...