Gold slides over 2% as Trump extends Iran operation, lifts USD bids

*US IMPOSES 25% TARIFF ON STEEL, ALUMINUM, COPPER DERIVATIVES Fact Sheet: President Donald J. Trump Strengthens Tariffs on Steel, Aluminum, and Copper Imports Today, President Donald J. Trump signed a Proclamation to strengthen tariffs imposed on imported steel, aluminum, and copper in order to more effectively address the national-security threat posed by such imports. The Proclamation defines the way that tariffs are assessed, ensuring that they reflect the full value of imported steel, aluminum, and copper products—not an artificially low foreign price. The Proclamation also establishes clear rules for calculating Section 232 metals tariffs. Articles made entirely or almost entirely of aluminum, steel, or copper will pay a flat 50% on their full value — for example, steel coils and aluminum sheet. Derivative articles substantially made of steel, aluminum, or copper will pay a flat 25% on their full value. Certain metal-intensive industrial equipment and electrical grid equipment will pay 15% through 2027, to accelerate the massive industrial base buildout currently underway across the United States. Products made abroad but entirely with American steel, aluminum, and copper will be subject to lower tariffs of 10%. Products made of 15% or less steel, aluminum, or copper will no longer be subject to Section 232 metals tariffs. STRENGTHENING ECONOMIC AND NATIONAL SECURITY: President Trump has strengthened tariffs on imported aluminum, steel, and copper to protect the national security of the United States, including the economic resilience of vital industries and the financial position of American workers. *US TO IMPOSE 100% TARIFF ON PATENTED DRUGS, HONORING EXEMPTIONS