Stock futures declined and gold prices surged as Trump's new tariffs on steel and aluminum raised concerns about a widening trade war. The EU, particularly Germany, is poised to retaliate against the US tariffs. The tariffs, effective from March 4, will apply to all US trading partners, potentially fueling inflation. Market sentiment has soured, leading to declines in stock markets and a rise in haven assets like gold. Investors are wary of possible retaliatory measures from other countries, which could exacerbate the global trade conflict.