Gold retreats after hitting an all-time high on Trump tariffs

Stocks slumped, bonds surged, and gold hit a new high as markets braced for the impact of US President Donald Trump's sweeping reciprocal tariffs on Thursday. Trump announced a baseline 10 per cent tariff on all imports with far higher levies on some trading partners, particularly in Asia.

US stock futures were under pressure late on Wednesday following Trump's announcement. Australian blue-chip stocks opened in the red on Thursday, as one of the first global markets reacted to the development. Asia's markets were also set to slide as the bigger-than-expected wall of taxes was imposed around the world's largest economy, upending trade and supply chains.

Nasdaq futures slipped 4 per cent, with tech on the front line after China, a significant manufacturing hub, was hit with a 34 per cent levy on top of a previous 20 per cent tariff. Apple shares were down nearly 7 per cent in after-hours trade.