It's another example of how quickly the relationship between the world's two largest economies can shift — and how those tensions can ripple through global markets. The comments came as the conflict with Iran continued to reverberate through global markets despite a fragile ceasefire. The Trump administration's renewed focus on tariffs, including measures affecting China, has added another layer of uncertainty, while Beijing has warned that rising protectionism could weigh on global economic stability. While the two countries have taken steps to stabilize their economic relationship, disagreements over tariffs, trade, and national security continue to create new risks for global markets. A store of valueWhen trust in the global market ebbs, gold is often brought up as a way of preserving wealth.