Mt. Fuji and Shinjuku skyline in Tokyo, Friday, February 14, 2025. Photographer: Kiyoshi Ota/Bloomberg via Getty Images
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Gold soared to a record high on Wednesday as Asia-Pacific markets fell as investors sought safe havens after US President Donald Trump threatened to impose new tariffs on countries that resist the transfer of Greenland to the US.
Spot gold prices rose more than 1% to an all-time high of $4,813 an ounce.
hong kong Hang Seng Index was down 0.12%, while mainland CSI 300-inch was up 0.11%.
Japanese Nikkei Stock Average fell 1.28%, and TOPIX fell 1.09%. South Korea’s Kospi fell 1.09%, and the small-cap Kosdaq fell 2.2%.
australian S&P/ASX 200 It fell by 0.34%.
President Trump said on Saturday that if negotiations fail to secure U.S. control over mineral-rich Greenland, exports from eight European countries will be subject to a 10% tariff starting February 1, rising to 25% by June 1.
He also threatened to impose 200% tariffs on French wine and champagne following reports that President Emmanuel Macron was reluctant to join his proposed peace commission. President Trump went on to criticize Britain, calling its plan to transfer sovereignty over the Chagos Islands, home to a joint Anglo-American military base, to Mauritius “a very foolish move” and citing the move as further justification for acquiring Greenland on national security grounds.
European leaders have called President Donald Trump’s recent tariff threats “unacceptable” and are reportedly considering retaliatory measures. France is said to be asking the European Union to introduce so-called “anti-coercion measures”, its most powerful economic response tool.
U.S. stock futures rose slightly in early Asian hours as major average stock prices hit three-month lows.
One night in America Dow Jones Industrial Average It dropped 870.74 points (1.76%) to end the session at 48,488.59. of S&P500 It fell 2.06% to settle at 6,796.86. of Nasdaq Composite It fell 2.39% to close at 22,954.32. It was the worst trading day for all three major stock averages since October. U.S. bond yields soared and the U.S. dollar weakened as President Trump’s threats caused a flight from U.S. assets.
