Investors have so far behaved as if they’re counting on the U.S. president to back down, having seen previous U-turns from his administration.

President Donald Trump has announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1

Canada faces another set of tariffs in its ongoing trade talks with the U.S. However, in this latest round of tariff announcements, investors have learned to largely tune them out as negotiating bluster rather than policy commitments.

Gold prices rose for a third straight session on Friday, as U.S. President Donald Trump's announcement of new tariffs on Canada and broader tariff threats against other trading partners lifted demand for the safe-haven asset.