By Tom Westbrook SINGAPORE (Reuters) -Gold shot to a record high, the dollar was firm and stocks were subdued on Tuesday as investors braced for further shifts in U.S. trade policy and waited to hear from Federal Reserve Chair Jerome Powell on tariffs and inflation.

Wall Street is taking President Donald Trump’s latest threat on tariffs in stride, on the whole, and U.S. stocks are rising on Monday. The S&P 500 was up 0.6% in morning trading, coming off a losing week that was bookended by worries about how potential tariffs could push up inflation and threaten the economy.

In slapping duties on steel and aluminum nearly seven years ago, Trump reached into the federal government’s tariff toolkit and pulled out Section 232 of the Trade Expansion Act of 1962. Section 232 gives the president the power to impose tariffs on other countries national security grounds.

Trump signed proclamations raising the U.S. tariff rate on aluminum to 25% from his previous 10% rate and eliminating country exceptions and quota deals. The measures will take effect on March 4.