On Tuesday, the White House announced again that it would introduce tariffs on Chinese imports worth US$50 billion.
In a brief statement, the White House stated that US President Trump is planning to take various steps to protect local technology and intellectual property.
Just nine days ago, U.S. Treasury Secretary Stephen Munuchin had stated that he would introduce a 25% tariff on a range of technology products.
In a joint statement issued on Saturday, the two sides stated that China will significantly increase purchases of US product services to reduce trade imbalances, which is an important demand of Trump and his team.
'We are suspending the trade war,' Mukhin told the media. 'We have agreed to suspend the tariff when implementing the framework.'
The Chinese side has already responded that it will retaliate for a tariff of 25%. The US said that the newly introduced tariff will focus on the technology industry, including those related to the 'Made in China 2025' project.
After the release of this news, the gold as a safe haven rebounded from the downtrend and returned above the $1300 level.
Spot gold 5 minutes chart
Beijing time 01:58, spot gold reported 1302.09 US dollars per ounce.