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Tweeted tariff threat turns markets

Trade war concerns have returned to the forefront on the markets after US president Donald Trump threatened higher tariffs against China in a tweet.
Tweeted tariff threat turns markets Tweeted tariff threat turns markets Tweeted tariff threat turns markets Tweeted tariff threat turns markets Tweeted tariff threat turns markets

US president Donald Trump

Staff reporter

In the message, Trump said the 10% tariff China paid on about US$200 billion worth of goods sent to the US would go up to 25% on Friday, and a further untaxed $325 billion in goods would soon attract the same 25% tariff.

China is now reportedly considering delaying this week's scheduled trade talks.

US and European market indices were pointing to a lower start today and the benchmark S&P/ASX200 was in negative territory in afternoon trade.

Gold was up several dollars an ounce, above US$1,283 an ounce on the spot market earlier. It had traded over $1,300/oz about a month ago.

Australian gold miners were gaining at the time of writing, with Regis Resources (ASX: RRL) up 1.6%, but the broader metals and mining sector was off about 0.9%.

London is closed for a bank holiday today.

Toronto's metals and mining sector had closed up more than 1.1% on Friday as North American markets finished the week higher.

Pretium Resources (TSX: PVG) was one of the bigger risers, gaining 13.66% as it continues to rightsize its Brucejack mine and announced executive chairman and founding shareholder Dr Robert Quartermaine would retire at the end of this year.

And developer Ivanhoe Mines (TSX: IVN) was up 4.4% to a one-year high, as it lengthened the "bonanza" copper zone at Kamoa North in the Democratic Republic of Congo.