US stock markets turn red again as gold surges 1.3% on China's retaliatory tariffs, VIX rises 7.8%
Global markets turned negative Friday with gold prices jumping 1.3% as investors rushed to safe havens after China retaliated by raising its tariff rate against the US to 125%.
The turmoil followed heightened fears of a global trade war, caused by increased uncertainty following Trump's tariff moves and China's responses on Friday.
China on Friday said it will no longer "pay attention" to trade moves by the Trump administration after raising tariffs on all US imports to 125%, state media reported.
"China will lift the additional tariffs on products imported from the US to 125% from 84%, effective from April 12," said the State Council Customs Tariff Commission.
The VIX, a widely watched measure of market volatility, rose again by 7.8% to 43.40 as of 0930GMT, reflecting investors' increasing worry and anxiety about the markets and the global economy.
In the US, stock markets turned negative again on Thursday's close after posting historical gains on Wednesday, following Trump's decision to pause tariffs on all countries for 90 days, except China.
Gold, a traditional safe-haven asset during market upheaval, saw a significant uptick. The price of gold rose to $3,218.20 per ounce, gaining 1.3% on the day, as investors fled riskier assets in favor of more stable stores of value.
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