Tariff sudden outbreak! Silver soars wildly! Trump's latest statement!

On the morning of May 12, gold and silver prices rose again. As of press time, international spot gold was reported at $4,755.552 per ounce, up 0.42%. Spot silver was reported at $86.974 per ounce, up 1.11%. Yesterday, spot silver had already closed up more than 7%.

Oil prices fluctuated slightly. As of press time, WTI crude oil was reported at $98.17 per barrel, up 0.1%.

Trump administration requests court to suspend enforcement of 10% global tariffs ruling

On May 11, local time, the Trump administration requested a U.S. court to suspend the enforcement of the unfavorable ruling on the 10% global tariffs so that the federal government could continue the appeal process.

It is reported that the U.S. International Trade Court ruled against the new tariff measures on May 8 but did not fully halt the collection of tariffs. The Trump administration officially filed an appeal on the 8th. If the court approves the suspension of the enforcement of the relevant ruling, the three importers who previously sued the government over tariff policies will face the 10% global tariffs again.

It is understood that this 10% global tariff was implemented in February this year. At that time, after the U.S. Supreme Court rejected most of the tariff measures introduced by the Trump administration in 2025, the government turned to promote a new global tariff policy based on Section 122 of the Trade Act of 1974.

Currently, this global tariff measure is scheduled to expire in July this year unless Congress decides to extend it.

Trump: Will push for suspension of federal gasoline excise tax

On the 11th, U.S. President Trump told the media that he supports suspending the federal gasoline excise tax to address the impact of rising oil prices on American consumers.

Trump said the U.S. will suspend the tax for a period of time. When gasoline prices fall, the collection will be phased back in.

However, adjusting the federal fuel excise tax policy requires legislation passed by Congress, and whether the relevant bill can gain sufficient support remains uncertain.

Trump: Ceasefire agreement with Iran is “teetering”

On the 11th, Trump stated that the ceasefire agreement between the U.S. and Iran is still in effect but “extremely fragile” and is in a “precarious” state.

Trump said the core of the U.S. plan is “Iran must not possess nuclear weapons,” but Iran did not make such a commitment in its response.

Trump also said he would achieve a “total victory” over Iran.

According to Iranian media reports on the 10th, Iran has formally submitted its response to the latest U.S. proposal aimed at ending the hostilities to mediating party Pakistan, focusing on ending the war and maritime security in the Persian Gulf and the Strait of Hormuz. Trump later posted on social media expressing dissatisfaction with Iran’s response, calling it “completely unacceptable.”

(Source: Securities Times)