Commodities Battered as Trump’s Tariffs Threaten Global Economy

Oil plunged and other commodities from industrial metals to grains slipped as President Donald Trump’s tariff onslaught ratcheted up a trade war that threatens to hurt the global economy and demand for raw materials. Gold fell from a fresh record high.

The levies were more aggressive than investors expected, with a 10% duty on all exports to the US and even higher rates on about 60 nations. While a swath of commodities — including oil, steel and aluminum — were exempted, there are mounting concerns about a broader hit to consumption, with major trading partners China and the European Union both vowing countermeasures.