Trump and Xi reset US-China relations at a two-hour summit, with Trump backing off Taiwan defense and pushing chipmakers to leave — bad for Taiwan, good for gold.

• Trump called arms sales to Taiwan a "negotiating chip" and said the US cannot afford another war 9,500 miles away.
• Xi warned that mishandling Taiwan could lead to conflict, calling it the top issue between the two countries.
• US consumer sentiment hit the lowest level on record going back to 1952 — worse than 2008 or the pandemic — as gas prices climb and mortgage rates push back over 7%.
• First-time home buyer rates and birth rates are at record lows, with the average first-time buyer now 38 years old.
• Central banks bought over 1,000 tons of gold in 2025 and gold gained 70%, its best year since 1979; central bank gold holdings now exceed their US Treasury holdings for the first time.

Outlook: Pressure from the midterms and a weak economy will likely push Trump further toward focusing inward, with gold and hard assets expected to keep rising as the dollar weakens.