US President Donald Trump has moved to exclude gold, tungsten, uranium, and several other metals from his country-based tariffs, while imposing new levies on silicone products.

The United States and China announced on Monday, May 12, an agreement to drastically reduce tit-for-tat tariffs for 90 days, de-escalating a trade war that has roiled financial markets and raised fears of a global economic downturn.

China’s Ambassador to Azerbaijan, Lu Mei, has strongly condemned the United States’ recent decision to raise tariffs on its trading partners, including China and Azerbaijan, describing the move as a serious violation of World Trade Organization (WTO) rules and a direct threat to the global economic order.

Gold extended its decline on Monday, falling as much as 1.6% to $3,268, as easing global trade tensions encouraged investors to shift away from safe-haven assets.

China retaliated against President Donald Trump's tariffs on Friday by raising its levies on U.S. goods from 84% to 125%, according to a statement from the Customs Tariff Commission of the State Council.

China has pushed back once again to U.S. President Donald Trump’s tariff policies by hiking its levies on U.S. imports to more than 80%.