Economic Indicators - In April, US durable goods orders fell by 6.3% month-on-month, indicating a decline in corporate investment sentiment due to uncertainties in tariff and tax policies [1] - The US PCE price index recorded a year-on-year increase of 2.1% in April, marking the lowest level since March 2021 [1] - The 10-year US Treasury yield decreased by 2.06% week-on-week, reflecting a downturn in consumer and business spending [1] Tariff Policies - On May 28, the US International Trade Court ruled that tariffs imposed by Trump under the International Emergency Economic Powers Act were overreaching, halting several trade policies announced on "Liberation Day" [1] - The following day, the US Court of Appeals temporarily stayed the trade court's order, allowing Trump's tariff policies to continue [1] - The Trump administration announced an increase in tariffs on imported steel and aluminum from 25% to 50% starting June 4, prompting the EU to prepare countermeasures [1] Market Reactions - The volatility in domestic tariff policies and escalating trade tensions between the US and EU, along with the Russia-Ukraine conflict, have significantly heightened market risk aversion [1] - Due to the impact of tariffs and the low base effect expected in 2024, the market anticipates a resurgence of inflation in the US by June, which may support a rebound in gold prices [1] - Investors are advised to consider accumulating gold ETFs (518800) during price corrections [1]