To be sure, as the threat of tariffs has escalated in recent months, gold GC00 has been in a strong bull market — surging above $2,900 this week for the first time ever. It is up more than 10% just since the beginning of the year and almost 45% over the past 12 months.

If they take effect, President Trump’s new tariffs on goods from Canada, Mexico and China are likely to result in higher prices for lots of products, including computers, tequila and gas.