On May 29th local time, the Trump administration urgently launched “Plan B” after temporarily restoring tariff policies in the Federal Circuit Court of Appeals, proposing to impose a 15% unified tariff on global imported goods within 150 days, covering core categories such as automobiles, electronics, and machinery. This policy circumvents congressional authorization by invoking Section 232 of the 1962 Trade Expansion Act and directly imposes comprehensive tariffs on imported goods under the pretext of “national security”.

On May 28th local time, the US International Trade Court made a historic ruling, determining that the Trump administration’s “Liberation Day” tariff policy announced on April 2nd exceeded its authority, and ruling that the president has no right to impose comprehensive tariffs on trading partners. This ruling not only directly impacts the foundation of US trade policy, but also triggers a chain reaction among global trading partners, with major economies such as the European Union and Mexico launching retaliatory tariff plans. Affected by this, spot gold prices in Asia opened lower on May 29th, plummeting $30 to $3261.27 per ounce, hitting a new low since May 22nd. The US dollar index soared to 99.98, causing severe fluctuations in global financial markets.

On May 27th, US President Trump declared on social media that his threat to impose a 50% tariff on the European Union was “effective,” stating that the EU has taken the initiative to accelerate the trade negotiation process. This statement originated from Trump’s sudden escalation of the tariff threat last week, and the President of the European Commission, von der Leyen, made an urgent call for consultation, which ultimately prompted Trump to postpone the implementation of tariffs from June 1 to July 9. However, the market’s concerns about trade frictions have not completely dissipated, and gold prices have shown a fluctuating pattern under the interweaving of long and short factors.

On the evening of May 21st local time, Israeli Prime Minister Netanyahu held his first press conference since December 2024, declaring that Israel will fully control the entire Gaza Strip and stating that “the war will be won until it is won”. This statement marks an escalation of Israel’s military operations in the Gaza Strip, shifting from “eliminating Hamas” to “permanently controlling territory”. Netanyahu emphasized that the ceasefire must be “temporary” and must be based on the disarmament of Hamas, the expulsion of the leadership, and the comprehensive demilitarization of Gaza.