China is showing resilience in its trade war with the United States. The Chinese government has decided to raise import tariffs on goods from the US to 125%, up from the previous rate of 84%.
This decision comes after the United States increased its own import tariffs on Chinese products to a total of 145%, while delaying tariff increases on goods from other nations.
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As a result, the price of gold surged once again, reaching a record high of $3,227 per troy ounce.
This renewed trade conflict is reminiscent of the tensions experienced between 2018 and 2019. During that period, the trade dispute between the two nations contributed to a slowdown in the global economy, significantly increasing the demand for gold as a safe haven. From 2018 to early 2020, the price of gold skyrocketed by approximately 22%.
