Citi has warned that commodity markets are not prepared for US President Donald Trump’s next round of tariffs due in less than two weeks. This dynamic could turbocharge the gold price rally and worsen the dislocations in other metal markets.

The Trump administration is expected to reveal the next steps for imposing individualised levies on each of the United States’ 200 foreign trade partners by April 2, in retaliation to hurdles faced by US exporters and investors. Trump has already slapped 25 per cent levies on steel and aluminium.