Gold prices held steady on Tuesday after dropping more than 3% in the previous session, with some support coming from President-elect Donald Trump's proposed tariffs on all imports from Canada, Mexico,

Chinese shares closed lower amid cautious sentiment after Trump pledged an additional tariff on Chinese imports. "Sentiment will be negatively impacted on Chinese risk assets especially in those markets with heavier foreign investor participation,

WASHINGTON—President-elect Donald Trump pledged that soon after taking office he will slap steep tariffs on Mexico and Canada, two of America’s closest allies, as well as China, the clearest indication since his election victory that he plans to follow through on the tough campaign rhetoric that helped propel him to the White House.

The dollar rallied sharply on Tuesday after U.S. President-elect Donald Trump pledged tariffs on all imports from Canada and Mexico, and additional tariffs on China. Asian stocks declined, giving back some of the robust gains of the previous session,

"It's almost as if Trump wants to remind markets who is in control, after nominating Scott Bessent as Treasury Sec - a man markets expected to cool Trump's potency," said Matt Simpson, senior market analyst at City Index.

Trump has previously pledged to end China’s most-favoured-nation trading status. Read more at straitstimes.com.