The tariff war started by Donald Trump has not only shaken international markets, but has also brought to light a phenomenon that has not been seen since the 1970s. For the first time, gold has taken a revenge against banknotes and especially the dollar and the euro. According to the latest calculations, it turns out that the price of gold has risen to a record level in the last 24 hours. The price of a 31.1 gram round rose to almost $ 3,176 in the US, extending the gains of the previous day.
Due to the tariff war instigated by US President Donald Trump, more investors are betting on gold. The rise in the precious metal is being driven by the rapid decline in the value of the US currency, international market experts say. This is also a consequence of the sale of US stocks and bonds.
Meanwhile, another phenomenon has been observed. Traditionally allied countries are reviewing their relations. Vietnam, a staunch ally of China, wants to tighten its controls on sensitive exports to China and limit trade with the most powerful country in the Far East. Diplomatic sources told Reuters that Vietnam hopes to bypass US tariffs. The decision was apparently prompted, among other things, by a visit by Peter Navarro, the White House trade adviser, who expressed concern about Chinese goods being shipped to America with the label "Made in Vietnam" because of lower tariffs. Vietnam was subject to a 46 percent tariff as part of Donald Trump's tariff policy. The export-dependent country hopes the tariffs will be reduced to 22 to 28 percent, if not lower.
Meanwhile, the European Union is changing the geo-economic balance. It is considering moving away from the traditional economic partnership with the US. The heads of state and government of the European Union are planning a summit with Chinese President Xi Jinping at the end of July. According to international media, the EU and China want to cooperate more closely and have started negotiations on the removal of the EU's countervailing tariffs on imports of Chinese electric cars.
A solution is planned: China's leading electric car manufacturers would invest more in Europe and offer technology transfers. In return, the EU would set a minimum price instead of countervailing tariffs.
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