Despite the market’s hand-wringing, OPEC+ appears determined to stick with its roadmap to gradually restore output that was cut during the COVID-era slump. The unwinding plan has been telegraphed for months, and reversing course now could risk credibility—something the group has worked hard to reestablish.
According to a White House fact sheet, steel, aluminum, gold and copper imports won’t be subject to reciprocal tariffs, providing at least some relief to domestic buyers who are already bearing the cost of Section 232 tariffs of 25% on all imports of some key metals. Gold, however, jumped as much as 1.1% to a record as investors sought safety following the tariff headlines. Bullion has climbed more than 20% this year after a ferocious run in 2024.