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The SPDR Gold Shares ETF , the world’s largest gold-backed exchange-traded fund, experienced a significant outflow of $1.3 billion on April 22, 2025—the largest single-day withdrawal since 2011. This substantial movement reflects a notable shift in investor sentiment, as market participants reallocate assets in response to evolving economic indicators and geopolitical developments. Sees Largest Weekly Outflow Since 2022 on Trump Win – Bloomberg)

The outflow coincided with a decline in gold prices, which fell nearly 2% to $3,318.71 per ounce. This drop followed U.S. President Donald Trump’s decision to retract his threat to dismiss Federal Reserve Chair Jerome Powell and his expression of optimism regarding a potential trade agreement with China. These developments reduced the perceived need for safe-haven assets like gold, prompting investors to reassess their portfolios.

Simultaneously, the U.S. dollar and stock markets rebounded, further diminishing gold’s appeal. Analysts, including OANDA’s Kelvin Wong, cited these factors as triggers for the selloff, though he noted that potential upside movement in gold remains. Despite this short-term dip, gold had previously surged to a record high of $3,500 per ounce, and JP Morgan anticipates it could exceed $4,000 next year.

The broader context includes a significant surge in gold prices earlier in April, driven by investor concerns over the weakening U.S. dollar and President Trump’s economic policies. Gold reached a new peak of over $3,500 per ounce before settling at $3,426, marking a nearly 30% increase since Trump’s return to office. Analysts at JPMorgan predict gold could hit $4,000 by mid-2026, fueled by purchases from central banks and retail investors.

However, the easing of trade tensions and positive developments in U.S.-China relations have led to a reassessment of risk, with investors moving away from traditional safe havens. European gold funds, for instance, experienced significant inflows earlier in April, with approximately €1 billion poured into gold exchange-traded commodities during the week ending April 18, 2025. This marked the highest level of inflows since mid-January, reflecting rising investor demand for safe-haven assets amid escalating market volatility sparked by U.S. trade tariffs.

Despite these inflows, the subsequent outflows from GLD indicate a shift in investor strategy. The Bank of America’s April 2025 Fund Manager Survey revealed that institutional investors are adjusting their portfolios in response to global economic fears driven by U.S. tariff policies and escalating concerns of a recession. The survey indicated that investor expectations for economic growth have dropped to 30-year lows, with 82% predicting a weaker global economy this year. In response, money managers are moving away from high-risk sectors like technology and U.S. equities, instead turning to safer investments.

Gold has emerged as the top asset, with 42% of fund managers favoring it—up from 23% in March—due to its reputation as a safe haven in volatile markets and hedge against inflation. This surge in interest is mirrored by the SPDR Gold Shares ETF surpassing $100 billion in assets under management and gold prices hitting record highs above $3,300 an ounce.

Walmart China has introduced a programme aimed at assisting Chinese exporters in enhancing their domestic sales, aligning with Beijing’s efforts to mitigate the impact of escalating US tariffs. The initiative seeks to integrate these exporters into Walmart’s supply chain, simplifying the approval process and facilitating easier access to the domestic market. This move comes as Chinese exporters face challenges due to a 145% tariff hike from the US, prompting the Chinese government to encourage local businesses to pivot towards domestic sales.

Despite government encouragement, many Chinese exporters remain hesitant to redirect their goods to the domestic market. Factory owners cite lower profits, weak demand, aggressive price competition, delayed payments, and high return rates as significant deterrents. Efforts by China’s commerce ministry, including organizing local matchmaking events and issuing support through firms like JD.com and Meituan, have been met with skepticism by small and medium-sized enterprises. These businesses argue that the proposed support falls short of addressing structural challenges, emphasizing the need for fiscal stimulus, rising consumer incomes, and stronger social safety nets to boost domestic consumption.

Walmart’s initiative also includes expanding its e-commerce platform, Walmart Marketplace, within China. The company has established offices in 11 cities nationwide, including Shenzhen, Shanghai, and Hangzhou, offering support in product selection, operational guidance, and both online and offline training to help international sellers grow their businesses on the platform. Additionally, Walmart unveiled its 2025 new seller incentive programme, offering up to $75,000 in incentives, with benefits such as preferential logistics services.

However, Walmart’s efforts to mitigate the impact of US tariffs have not been without controversy. The company has faced pushback from Chinese suppliers after requesting significant price reductions to offset the cost of tariffs. Some suppliers, including producers of kitchenware and clothing, have been asked to lower their prices by as much as 10% per round of tariffs, essentially shouldering the full cost of the duties. This approach has led to tensions with Chinese authorities, who have summoned Walmart executives for discussions. State broadcaster CCTV’s official social media account criticized Walmart’s demands, stating that they “may violate commercial contracts” and warning that “the consequences for the company will go beyond just a discussion” if it continues to press for discounts.

Boeing has confirmed that Chinese airlines are refusing to accept deliveries of new aircraft due to escalating tariffs, marking a significant setback for the U.S. aerospace manufacturer amid intensifying trade tensions between Washington and Beijing. The company has begun redirecting completed jets to other global customers to mitigate the impact.

Three Boeing 737 MAX 8 aircraft, originally intended for Xiamen Airlines and Air China, have been returned to the U.S. These aircraft were ferried to China just as tariffs were being announced and enforced, highlighting the sudden shift in trade dynamics.

China currently accounts for about 10% of Boeing’s commercial aircraft backlog. The company had scheduled around 50 deliveries to China for the remainder of the year but is now seeking to reassign 41 already-built or in-production jets. Boeing’s leadership has stated that production will not continue for customers unwilling to take delivery, underscoring the operational challenges posed by the trade dispute.

There are 36 Chinese-bound aircraft at various stages of completion in the U.S., and Boeing still has 130 unfilled orders from Chinese entities, including 96 for the 737 MAX. Chief Financial Officer Brian West emphasized that while this presents a short-term challenge, Boeing is prepared to re-market the aircraft, with other customers already expressing increased interest.

The trade tensions have led to China imposing a 125% tariff on U.S. goods in retaliation for the U.S. increasing tariffs on Chinese exports to 145%. This has significantly increased the cost of acquiring Boeing planes for Chinese carriers, making such purchases economically unfeasible.

Boeing CEO Kelly Ortberg expressed confidence that the ongoing U.S.-China trade war will not hinder the company’s financial recovery or aircraft delivery targets. Despite the challenges, Boeing has reported a narrowed loss of $31 million for the first quarter of 2025, down from $355 million a year earlier, indicating signs of recovery.

The company is seeking alternative buyers for up to 50 aircraft initially ordered by Chinese airlines. Production is already underway for 41 of these aircraft, with nine more planned for delivery in 2025. Ortberg noted inquiries from non-Chinese airlines, suggesting potential for reallocation.

Aramco and BYD, two giants in their respective industries, have entered into a strategic partnership aimed at advancing new energy vehicle technologies. The collaboration is expected to drive innovation in the electric vehicle sector, integrating Aramco’s expertise in energy and BYD’s cutting-edge solutions in battery technology.

The partnership comes at a time when the global shift toward clean energy solutions is gaining momentum. With governments around the world pushing for reduced carbon emissions and an increasing focus on sustainable transportation, companies like Aramco and BYD are well-positioned to lead the way. The collaboration between these two firms will not only leverage their individual strengths but also contribute significantly to the transition toward a low-carbon future.

Aramco, long known for its dominance in the oil and gas sector, has increasingly invested in renewable energy technologies, recognising the growing importance of sustainable practices in the energy industry. As part of its diversification strategy, the company has ventured into hydrogen production, solar energy, and, more recently, electric vehicles. This move signals a shift in Aramco’s approach, with an eye on future-proofing its operations against an ever-evolving energy landscape.

BYD, based in China, has made remarkable strides in the development of electric vehicles and energy storage systems. Known for its innovation in power batteries, BYD has become a leader in the NEV space, developing everything from electric buses to passenger cars. Its established foothold in both the automotive and energy sectors gives it a significant advantage in pushing the boundaries of green technology. The company’s electric vehicles have gained a loyal customer base globally, particularly in markets like China and Europe, where demand for eco-friendly transportation solutions is surging.

The two companies are aiming to explore a wide range of opportunities within the electric vehicle market, including advancements in battery technology, energy storage, and vehicle charging infrastructure. Aramco’s expertise in the energy sector, particularly in the areas of refining, chemicals, and fuel technology, complements BYD’s proficiency in EV manufacturing and power batteries. By combining forces, the partnership aims to accelerate the deployment of high-performance, energy-efficient vehicles that can meet the demands of a more sustainable future.

As part of the agreement, Aramco and BYD will also look into the development of renewable energy-powered charging stations, further enhancing the sustainability of electric vehicles. This would involve the integration of solar power solutions into EV charging networks, reducing reliance on conventional grid power and cutting down on emissions associated with vehicle charging.

The collaboration between Aramco and BYD is poised to support the growing global adoption of electric vehicles. With transportation being one of the largest contributors to greenhouse gas emissions, the push for cleaner vehicles is essential in mitigating the effects of climate change. Governments worldwide are introducing stricter emission standards and providing incentives for electric vehicle adoption, creating a fertile environment for partnerships like the one between Aramco and BYD to flourish.

In addition to its environmental benefits, this collaboration also promises to have significant economic implications. The electric vehicle market is expected to experience substantial growth in the coming years, driven by technological advancements, government incentives, and increasing consumer demand for greener alternatives. By investing in electric vehicle infrastructure and technology, Aramco and BYD are positioning themselves to capitalise on this rapidly expanding market.

Aramco’s involvement in the electric vehicle sector also signals the company’s recognition of the need to diversify its business model. As the world moves toward a more sustainable energy future, companies in the fossil fuel industry are under increasing pressure to reduce their carbon footprints and adapt to new market realities. Through its partnership with BYD, Aramco is working to align itself with global energy transition trends, aiming to maintain its relevance in an energy landscape that is rapidly shifting away from traditional fossil fuels.

For BYD, the partnership with Aramco provides access to crucial resources and expertise, allowing the company to scale up its operations and expand its presence in new markets. Aramco’s extensive network and experience in the energy sector, along with its significant financial resources, will enable BYD to enhance its technological capabilities and accelerate the development of next-generation electric vehicles.