U.S. Court of Appeals temporarily resumes Trump administration tariff policy, weak U.S. labor market data boosts gold prices

Basic news

On Friday (May 30, Beijing time), spot gold trading was around 3317.28, and gold prices rose in fluctuating trading on Thursday, helped by weak U.S. labor market data. At the same time, market participants digested the court's ruling to block most of U.S. President Trump's tariff measures; U.S. crude oil trading was around $60.93 per barrel, and oil prices fell more than 1% on Thursday, falling from earlier gains as the U.S. Court of Appeal temporarily resumed the implementation of Trump administration's tariff policies.

U.S. stocks closed higher on Thursday, with Nvidia rising after quarterly results. Meanwhile, investors digested news that the appeals court ordered the restoration of President Trump's most xmserving.comprehensive tariffs later in the afternoon.

The day before, a trade court ruled that Trump's tariffs were overpowered and ordered that the imposition of these tariffs be stopped immediately. Trading fluctuated most of the time during the session, and major stock indexes closed far away from the daily highs, and investors tried to digest the ruling results. Salesforce fell 3.3%. Although the enterprise software vendor raised its annual revenue and adjusted profit forecasts. "Anyway, Trump has suspended most of the tariffs, so these court rulings are just news," said Adam Sarhan, CEO of 50Park Investments. "As long as the market does not fall due to the news, it is secondary." Nvidia rose 3.2%, and the xmserving.company announced optimistic sales results late Wednesday as customers hoarded artificial intelligence (AI) chips before the U.S. export restrictions were imposed. However, the xmserving.company warned that the new limitThe measures are expected to reduce its sales in the quarter by $8 billion.

Nvidia's increase has been only 3.6% this year, which is the last xmserving.company among the "Seven Technology Heroes" to announce its financial report.

The Dow Jones Industrial Average rose 0.28% to 42,215.73 points; the S&P 500 rose 0.40% to 5,912.17 points; and the Nasdaq rose 0.39% to 19,175.87 points.

The evolution of trade has had a huge impact on the stock market since this year, especially after Trump announced a full imposition of tariffs on global imports on April 2.

As trade tensions eased and corporate earnings mostly better than expected in the first quarter, the S&P 500 rebounded from its big drop in early April. The index has risen 0.5% so far in 2025, but remains below the record high set in February.

But, however, investors have become accustomed to Trump's announcement of high tariffs, but later postponed it. Therefore, the Financial Times coined the abbreviation TACO (Trump always retreats).

Boeing rose 3.3% after the xmserving.company's CEO Kelly Ortberg said the xmserving.company's goal is to increase monthly production of its best-selling 737MAX jets to 42 in the xmserving.coming months and to 47 in early 2026.

In terms of economy, the secondary valuation of the U.S. Department of xmserving.commerce showed that gross domestic product (GDP) shrank by 0.2% in the first quarter. Economists surveyed by Reuters had previously predicted a 0.3% contraction.

Best Buy fell 7.3% after the electronics retailer lowered its annual same-store sales and profit forecasts over concerns that U.S. tariffs could affect consumer demand for large items.

The ratio of stocks on the New York Stock Exchange rose and fell was 2.26:1, with 114 stocks hitting new highs and 35 hitting new lows. Gold prices rose in fluctuating trading Thursday, helped by weak U.S. labor market data, while market participants digested the court's ruling that blocked most of U.S. President Donald Trump's tariff measures.

Spot gold rose 0.9% to $3,318.69 an ounce, earlier hitting its lowest since May 20. The settlement price of US gold futures was $3343.90, up 0.6%. Data shows that the number of initial unemployment claims in the United States increased by more than expected last week.

Independent metals trader TaiWong said gold prices rose as the number of initial jobless claims jumped last week, which could be a precursor to weakening the labor market, and the fire prompted the Federal Reserve to lower the interest rate faster. The Fed's minutes from May 6-7 meeting showed that policy makers admitted at the meeting that they could face "hard trade-offs" in the xmserving.coming months, namely, rising inflation and unemployment rates. Concerns about volatility in financial markets and warnings of rising recession risks issued by Fed staff support this prospect.

The market focus is also on the U.S. Personal Consumption Expenditure (PCE) price index data to be released on Friday. The market will carefully analyze the data to find signals about future U.S. monetary policy.

A ruling from the U.S. Trade Court prevented most of Trump's tariffs and found him to be overstepping his authority, which to some extent eased pressure on financial markets and also exacerbated uncertainty in the global economy.

The Trump administration immediately said it would file an appeal, and analysts said investors would remain cautious as the White House explores its legal avenues.

Spot silver rose 0.8% to $33.27 per ounce; platinum rose 0.2% to $1,076.90; palladium rose 1.1% to $973.05. Oil markets

Oil prices fell more than 1% on Thursday, falling from earlier gains as investors weighed the potential impact of a U.S. court ruling to prevent President Trump from placing a full tariff increase.

The market is also paying attention to the possible new sanctions from the United States to curb Russian crude oil flows and whether OPEC+ decides to increase production in July.

Brent crude oil futures closed down 1.2% to $64.15 a barrel. U.S. crude fell 1.5% to $60.94 a barrel. Oil prices rose earlier on Thursday after the U.S. Court of International Trade ruled on Wednesday that Trump's approach to imposing xmserving.comprehensive tariffs on U.S. trading partners' imports on April 2 exceeded its authority.

However, crude oil futures prices steadily fell intraday as senior Trump administration officials downplayed the impact of the ruling and insisted that there were other legal avenues to exploit.

International Energy Agency (IEA) Administrator Fatih Birol said in an interview with Bloomberg on Thursday that oil demand is quite weak, and the development of the situation in Russia and Iran is a "question mark" for oil prices, which puts pressure on crude oil futures.

In terms of oil supply, OPEC+, xmserving.composed of the Organization of Petroleum Exporting Countries (OPEC) and its allies, may agree on Saturday to accelerate production increases in July. Crude oil futures narrowed some losses on Thursday after U.S. crude oil inventories unexpectedly fell by 2.8 million barrels in the past week to 440.4 million barrels. Analysts had expected crude oil inventories to rise by 118,000 barrels last week.

Forex Market

The dollar fell Thursday as investors prepared for a contest between U.S. President Trump and the U.S. Trade Court ruling, which blocked most of the proposed tariffs on Wednesday. However, the federal appeals court restored Trump's import tariffs late Thursday. The Federal Circuit Court of Appeals order in Washington provided no xmserving.comment or reason, but directed the plaintiffs in the case to respond by June 5 and the government to respond by June 9. The US dollar has little reaction to the news.

Senior Trump administration officials downplayed the severance on ThursdayThe impact of the decision, expressing confidence in the appeal overturning the ruling, and insisting that other legal avenues are still available during this period. "The market soon realized that the ruling was a bit narrow, meaning it focused only on one aspect of the tariff plan emergency mandate, and Trump had many other avenues," said Brad Bechtel, global head of foreign exchange at Jefferies in New York. "The dollar rebounded due to the ruling.

The dollar weakened due to fears that tariffs would slow down and rekind inflation, and the capriciousness of Trump's policies was believed to undermine the attractiveness of U.S. assets to foreign investors.

Uto Shinohara, senior investment strategist at MesirowCurrencyManagement, said the deeper problem remains the continued lack of clarity in trade policies. The Fed has remained silent due to concerns about rising inflation as Fed officials are watching how trade policies will affect the U.S. economy.

Trump told Fed Chairman Powell during a private meeting at the White House on Thursday that it was a "mistake" that he did not cut interest rates, expressing his views he has made publicly publicly over the past few months.

Goldman Sachs Forex analysts said in a report Thursday, "This cannot be the end of tariff policies, and in some ways, if the government wins an appeal or chooses other legal avenues to impose tariffs, they may strive to make the tariff agenda more ingrained than before."

Earlier this week, the U.S. economy pessimism has diminished after Trump postponed plans to impose 50% tariffs on EU imports over the weekend.

The euro rose 0.73% against the US dollar in New York to $1.1374, falling intraday to its lowest since May 19.

The US dollar fell 0.57% against the yen to 143.99 yen. It had reached 146.28 yen earlier, the highest since May 15. The US dollar fell 0.59% to 0.822 against the Swiss franc.

The U.S. data released by the United States showed that the number of initial unemployment claims increased more than expected last week, and the unemployment rate appeared to rebound in May, indicating that the number of layoffs continued to increase as tariffs cast a shadow on the economic outlook and the dollar weakened as a result.

Investors are also watching progress on the tax cuts and spending bill that Congress is considering, which is expected to increase trillions of dollars in debt over the next decade. Some Republicans criticized the bill for not having enough spending cuts.

Treasury demand for 20-year Treasury bond bids rose last week as concerns about a deteriorating U.S. fiscal outlook increased, with long-term U.S. Treasury yields rising last week.

Earlier this week, the yen also weakened against the dollar, due to reports that Japan will consider cutting the issuance of ultra-long-term bonds after a sharp rise in yields in recent days.

International News

The U.S. Court of Appeals has temporarily resumed the implementation of Trump administration tariff policy

On May 29 local time, the U.S. Federal Circuit Court of Appeal approved the Trump administration's request and temporarily shelved the previous ruling of the U.S. Court of International Trade to prohibit the implementation of the Trump administration's executive order to impose tariffs on many countries under the International Emergency Economic Powers Act. The U.S. Court of Appeals for the Federal Circuit also ordered both parties to submit written debates on preventing tariffs, and the relevant documents must be submitted early next month. The court will then decide on the next steps.

The United Nations plans to cut budget by 20% and lay off nearly 7,000 employees

A internal memorandum shows that the United Nations Secretariat is preparing to cut its $3.7 billion budget by 20% and cut about 6,900 positions, a move taken in the context of "a financial crisis triggered by partly the United States." The United Nations Secretariat requires staff to elaborate on the cuts by 13 June. During Trump's administration, the United States cut foreign aid, affecting the United Nations humanitarian institutions. The United States provides nearly a quarter of the United Nations annually. In addition, the United States also owes nearly $1.5 billion in membership dues from the United Nations. The memorandum author Chandramouli Ramanathan, the United Nations Treasurer, did not mention the United States' default on dues, noting that spending cuts were part of a review program called "UN80" launched in March. The cuts will take effect on January 1 next year, which is the beginning of the next budget cycle.

Iranian Foreign Minister: "Uncertainty" is close to reaching an agreement with the United States

In response to the media's current speculation that Iran and the United States are about to reach an agreement, Iranian Foreign Minister Aragic said on the 29th, "We are not sure whether we have reached this point." Aragic posted on social media that day that Iran sincerely seeks a diplomatic solution that is in the interests of all parties. But to achieve this, an agreement will be reached to xmserving.completely terminate all sanctions and safeguard Iran's nuclear rights, including uranium enrichment. The way to reach an agreement is in the negotiating table rather than the media.

Federal Daly: The Federal Reserve is determined to push inflation to a target of 2%

San Fed Federal Reserve Governor Daly said Thursday that the Federal Reserve is "decided" to reduce inflation to a target of 2%, and that the policy is in a good position to do this. "We are making progress and it is important that we remain determined to do the job," Daley said. At the same time, the labor market and the economy are in a sound state. She said the business did not xmserving.completely stop activity, but reduced risk. Meanwhile, workers said their biggest concern remains inflation, even though inflation has fallen sharply from its peak hit in mid-2022. As for Trump's request for Fed Chairman Powell to cut interest rates, Daly said this is not the first time that a president has asked for it. But she said the Fed will continue to focus on doing what is most beneficial to the American people, and both the Fed and Congress are responsible for the American people.

Federal Chairman Powell met with US President Trump without discussing monetary policy expectations

Local timeOn May 29, the Federal Reserve issued a statement saying that at the invitation of the president, Federal Reserve Chairman Powell met with Trump at the White House that day to discuss economic development issues including growth, employment and inflation. The statement said Powell did not discuss his expectations for monetary policy, but emphasized that the policy path will depend entirely on the upcoming economic information and its impact on the economic outlook. Powell said the Federal Open Market xmserving.committee, the Federal Reserve's decision-maker, will formulate monetary policies in accordance with the law to support employment and stable prices, and will make these decisions based entirely on prudent, objective and apolitical analysis.

The second court blocked Trump's tariff policy only applies to two plaintiff xmserving.companies

On May 29, local time, the Federal District Court of the District of Columbia, located in Washington, the capital of the United States, continued the previous ruling of the U.S. Court of International Trade to block the Trump administration's tariff policy and ruled to suspend its tariff order for 14 days. It is reported that the lawsuit was filed by two toy xmserving.companies, and the "preliminary injunction" issued by the court currently only applies to these two xmserving.companies. According to the Associated Press, there are currently at least seven lawsuits related to tariff policies facing the Trump administration.

Domestic News

Orders have been ranked until 2029. my country's shipbuilding industry leads the world's new orders. Under the current xmserving.complex global trade situation, my country's shipbuilding industry still shows strong market resilience and xmserving.competitiveness, and has emerged from industrial acceleration. From January to April this year, my country's shipbuilding industry's new orders account for the world's market share. At present, many shipbuilding xmserving.companies have full orders and production tasks are scheduled to be a few years later. The latest data released by the China Shipbuilding Industry Association shows that from January to April 2025, China's shipbuilding xmserving.completion volume, new orders received and handheld order volume reached 15.32 million dwt, 30.69 million dwt and 230 million dwt respectively, accounting for 49.9%, 67.6% and 64.3% of the world's market share, respectively, and the main shipbuilding indicators remain the world's first. Industry insiders pointed out that the current global shipyard production capacity continues to be in a tight balance, the demand for cyclical updates of existing fleets is released, and the shipbuilding industry's prosperity cycle will continue.

The popularity of Chinese tourism has increased, and foreign tourists' shopping enthusiasm has increased

Since this year, foreign tourists' Chinese tourism has continued to heat up. In Jingdezhen, Jiangxi, ceramic culture has attracted a large number of inbound tourists, and many foreign tourists specially purchased Chinese porcelain to experience traditional porcelain culture. In addition to Jingdezhen, the fireworks in Shanghai and Shenzhen's electronic products have also attracted a large number of foreign tourists. China's visa-free policy to South Korea has been implemented for half a year, and cross-border Chinese travel over the weekend has become a fashion for young Koreans. The fireworks in Shanghai and the electronic market in Shenzhen have made foreign tourists linger. Data shows that after the implementation of the visa-free policy, the orders for inbound tourists in Shanghai and South Korea increased by more than 180% year-on-year, of which 40% of tourists aged 20-39. With multi-language shopping guide, menus that are suitable for taste, and convenient payment, Shanghai is welcomed to tourists around the world with an open and inclusive attitude.

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