Tariff Countdown Spurs Risk-Asset Exodus in Favor of Safe Havens

Trepidation swept through global markets ahead of US President Donald Trump’s expected trade tariff announcements later this week, pushing investors already on edge over an economic slowdown to de-risk their portfolios and head to safe havens.

Treasuries surged along with European bonds, gold rose to a record and the yen — a traditional refuge from turmoil — hit its strongest in 10 days. Meanwhile, stocks tumbled around the world, along with the currencies of countries most likely to suffer from the incoming levies. South Korea’s won and the Taiwan dollar were among the biggest losers in emerging markets.