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%Commodity prices around the world are falling as news of U.S. President Donald Trump’s new tariff regime sparks fears of an all-out global trade war.

Prices for oil, industrial metals, and grains are all sliding lower as U.S. tariffs threaten to hurt the global economy and demand for raw materials.

The lone exception continues to be %Gold, whose price has hit yet another all-time high amid growing geopolitical instability.

Beyond gold, the news in commodities markets has been all bad as Trump announced a blanket 10% duty on all exports to the U.S., and even higher rates on 60 nations.

Brent crude oil, the international standard, fell as much as 3.6% in London trading on demand concerns.

At the same time, the price of %Copper fell 2.2% and prices for soybeans dropped on worries that American crops will suffer from retaliatory trade measures.

Of particular concern in commodities markets is the impact on China, which is the world’s top importer of raw materials.

Government officials in Beijing immediately said they plan to respond aggressively to Trump’s imposition of an additional 34% tariff on all goods from China.

Metal prices are being hit particularly hard by the latest tariffs. %Aluminum already has a blanket 25% fee on all U.S. imports, and tariffs on copper are expected in coming weeks.

In agriculture, China remains a key market for crops such as soybeans and corn. If there is retaliation, the U.S. may struggle to move its food products to Asia and elsewhere in the world.

Commodities traders are characterizing the new U.S. tariffs as a “disaster” and the “worst case scenario” for markets and the global economy.