US bank JPMorgan is set to deliver a record $4 billion worth of gold bullion to New York this month, amidst escalating trade tensions under President Donald Trump. The shipment, weighing over 30 million troy ounces, will be the second-largest in history and reflects rising demand for gold as a hedge against tariffs.
The delivery comes as the price of gold has surged to $2,813 per ounce, making it more attractive to investors. The move is also seen as a signal that Trump’s tariff threats are reshaping global trade, potentially exacerbating inflation in the US.
Trump is expected to announce new tariffs on Mexico, Canada, and China this weekend, citing concerns over immigration and trade imbalances. He has hinted at a reprieve for Mexico and Canada if they address these issues.
The new tariffs will have significant implications for industries such as oil, auto, and pharmaceuticals, which have lobbied for exemptions. Canada and Mexico have prepared retaliatory measures to hit US products.
JPMorgan’s gold shipment is just one of several signals that Trump’s trade policies are redefining global trade patterns. The non-partisan congressional budget office estimates that extending the 2017 tax cuts could cost $4.6 trillion over 10 years, a figure that Trump hopes to finance through increased tariffs on imports.
Source: https://www.theguardian.com/business/2025/feb/01/jpmorgan-gold-bullion-trump-tariffs