Commodity prices climbed and related currencies softened against the dollar on Monday after President Donald Trump said he would impose 25% tariffs on all steel and aluminum entering the US.

Trump pledged 25% tariffs on steel and aluminum, lifting commodity prices and hitting some currencies. Gold hit a record high of above $2,900 while the Australian dollar lost ground to the greenback.

Gold historically has performed poorly when tariffs are high, and vice versa. It’s an important counter to the increasingly widespread narrative that higher tariffs are bullish for gold.

Trump pledged 25% tariffs on steel and aluminum, lifting commodity prices and hitting some currencies. Gold hit a record high of above $2,900 while the Australian dollar lost ground to the greenback.

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