China, EU Discuss ‘Level Playing Field’ on Trade, EU’s Sefcovic Says

Maros Sefcovic, the nominee to become the European Union's trade and economic commissioner, holds a press conference after hearings, in Brussels, Belgium November 4, 2024. (Reuters)
Maros Sefcovic, the nominee to become the European Union's trade and economic commissioner, holds a press conference after hearings, in Brussels, Belgium November 4, 2024. (Reuters)
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China, EU Discuss ‘Level Playing Field’ on Trade, EU’s Sefcovic Says

Maros Sefcovic, the nominee to become the European Union's trade and economic commissioner, holds a press conference after hearings, in Brussels, Belgium November 4, 2024. (Reuters)
Maros Sefcovic, the nominee to become the European Union's trade and economic commissioner, holds a press conference after hearings, in Brussels, Belgium November 4, 2024. (Reuters)

Chinese Commerce Minister Wang Wentao met visiting European Trade and Economic Security Commissioner Maros Sefcovic for a discussion that Sefcovic said on Saturday included a "level playing field" on trade.

China's commerce ministry described the Friday meeting as a frank and pragmatic exchange of views.

Sefcovic posted on X that it was necessary to ensure the EU-China "relationship is based on a level playing field, in terms of trade flows as well as investment, with symmetrical markets opening".

The Slovak commissioner also met with China's economy tsar on Friday during his first trip to Beijing since being confirmed late last year.

Top officials in Beijing and Europe are looking for common ground despite long-running trade disputes as the US administration of President Donald Trump threatens to upend transatlantic ties and global trade.



Gold Rises as Investors Seek Safety amid Uncertainty on Trump Tariffs

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
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Gold Rises as Investors Seek Safety amid Uncertainty on Trump Tariffs

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)

Gold prices rose on Tuesday as investors continued to flock to the safe-haven asset amid uncertainty surrounding US President Donald Trump's tariff plans, which could escalate an ongoing trade war and slow global economic growth.

Spot gold was up 0.3% at $3,219.99 an ounce at 1135 GMT. Bullion hit a record high of $3,245.42 on Monday.

US gold futures rose 0.3% to $3,235.50.

"The environment remains supportive for higher gold prices, but the journey towards higher prices will not be a straight line, there will likely be some temporary setbacks," said UBS analyst Giovanni Staunovo.

According to Reuters, federal Register filings on Monday showed that the US administration is advancing investigations into pharmaceutical and semiconductor imports in a bid to impose tariffs.

Trump on Sunday said he would announce the tariff rate on imported semiconductors over the next week.

Bullion, a hedge against global instability, has maintained its upward trajectory from last year, rising over 23% so far in 2025 and clinching multiple record highs.

The US economy is in a "big pause" due to uncertainties surrounding the tariffs and other policies, Atlanta Federal Reserve Bank President, Raphael Bostic said on Monday, suggesting the central bank should retain its current wait-and-see approach until there is more clarity.

Traders are currently expecting 83 basis points of rate cuts from the Fed this year. Non-yielding bullion tends to thrive in a low interest rate environment.

Meanwhile, investments in Chinese physically-backed gold exchange-traded funds so far this month have exceeded those for all of the first quarter and overtaken inflows registered by US-listed funds, World Gold Council data showed.

"Higher inflation, lower economic growth and political uncertainty are likely to keep supporting gold demand from investors and central banks. New gold import quotas in China should also be supportive," Staunovo said.

Spot silver fell 0.2% to $32.27 an ounce and platinum rose 0.9% to $960.20, while palladium was up 0.6% at $961.68.