Gold Price Hits New Record, Breaking US$3,100 for First Time

How widespread the tariffs will be, or if there will be any carve outs, is still unknown.

Trump has threatened various tariffs since the start of his administration, but few have yet to materialize. The majority have targeted US trade partners like Canada, Mexico and the European Union.

On March 26, Trump announced a 25 percent tariff on all automobiles made outside of the US, but suggested there may be exemptions for parts and vehicles that fall under US-Mexico-Canada Agreement guidelines. Those rules require that 60 percent of vehicles and components be manufactured in the US, Canada or Mexico.

The net effect of Trump's actions has been political and financial turmoil, sparking selloffs on major stock markets and pushing prices for safe-haven assets like gold to fresh records.

Additionally, China, Japan and South Korea agreed on Sunday (March 30) to seek deeper free trade ties in response to the threat of tariffs from the US government. The deal marks a significant move by the three countries following decades of US diplomacy to maintain close relationships with Japan and South Korea.