Mount Fuji and the Shinjuku skyline in Tokyo, Japan, on Friday, Feb. 14, 2025. Photographer: Kiyoshi Ota/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
Gold jumped to a record high as Asia-Pacific markets slid Wednesday, with investors seeking safe havens after U.S. President Donald Trump threatened fresh tariffs on countries resisting the transfer of Greenland to the United States.
Spot gold prices rose over 1% to an all-time high of $4,813 per ounce.
Hong Kong’s Hang Seng index was 0.12% lower, while the mainland’s CSI 300 inched 0.11% higher.
Japan’s Nikkei 225 lost 1.28%, while the Topix declined 1.09%. South Korea’s Kospi was 1.09% lower while the small-cap Kosdaq fell 2.2%.
Australia’s S&P/ASX 200 fell 0.34%.
Trump said Saturday that exports from eight European countries would face tariffs of 10% from Feb. 1, rising to 25% by June 1 if talks fail to deliver U.S. control of mineral-rich Greenland.
He also threatened to slap 200% tariffs on French wine and champagne, following reports that President Emmanuel Macron was unwilling to join his proposed “Board of Peace.” Trump further criticized the U.K., calling its plan to transfer sovereignty of the Chagos Islands, which is home to a joint U.K.-U.S. military base, to Mauritius an “act of great stupidity,” citing the move as further justification for acquiring Greenland on national security grounds.
European leaders have labeled President Donald Trump’s latest tariff threats “unacceptable” and are reportedly weighing retaliatory measures. France is said to be urging the European Union to deploy its strongest economic response tool, the so-called Anti-Coercion Instrument.
U.S. stock futures rose slightly in early Asian hours after major averages saw their worst day in three months.
Overnight in the U.S., the Dow Jones Industrial Average shed 870.74 points, or 1.76%, to end the session at 48,488.59. The S&P 500 dipped 2.06% to settle at 6,796.86. The Nasdaq Composite slid 2.39%, closing at 22,954.32. It was the worst session since October for all three major averages. U.S. Treasury yields spiked and the U.S. dollar declined as Trump’s threat caused a flight from U.S. assets.
