U.S. President Donald Trump's 25% tariffs on steel and aluminium sent gold to record highs on worries of widening trade conflict and inflation, while some countries held out hope for negotiations and Chinese steel firm shares came under pressure.

WASHINGTON — President Trump has paused imposing tariffs on small-value packages arriving from China, apparently to give federal agencies time to sort out how to process millions of such shipments that have come through the U.S. border every day without paying taxes.

Existing American tariffs already restrict steel and aluminum shipments from China, which is now flooding other markets with its exports instead.

The rapid-fire shots of tariffs and import curbs hearken back to Trump’s first term in office, when the U.S. and China engaged in a trade war that spanned most of Trump’s first four years in office and was continued to a certain extent under his successor, Joe Biden.

President Trump will talk with Chinese leader Xi Jinping today about a potential tariff pause, White House trade adviser Peter Navarro said this morning at a Politico event. The Trump administration had previously said that the two leaders would speak this week,

Shares at major listed steelmakers in top producer China slid on Tuesday as fresh tariffs by U.S. President Donald Trump stoked concerns over possible impact on steel exports this year. Trump substant

Shortly after tariffs on China imposed by U.S. President Donald Trump took effect on Tuesday, China's Finance Ministry said it would impose levies of 15 per cent on imports of U.S. coal and LNG and 10% per cent for crude oil as well as on farm equipment and some autos,