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US and EU Reach Trade Deal with 15% Tariffs; China Truce Set to Extend

President Trump and European Commission President Ursula von der Leyen announced a new trade deal framework setting a 15% tariff on most EU goods imported into the U.S. Trump called it “the biggest of them all,” while von der Leyen acknowledged the tariff rate as significant but the best possible outcome.

Meanwhile, the U.S. and China are expected to extend their tariff truce by three months, with trade talks resuming in Stockholm. This comes as the U.S. also works to finalize deals with other partners like Canada and Japan, where a recent deal includes a $550 billion U.S. investment and similar tariffs.

The Trump administration is preparing tariff letters for over 200 countries, with rates possibly ranging from 15% to 50%, depending on the trading partner.

Dow to Gold Ratio: 100 Years of History Decoded
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Dow to Gold Ratio: 100 Years of History Decoded

Gold has gained roughly 15.6% since January 1, 2026, while the Dow is up just 2.7% over the same stretch. That gap doesn’t register in most financial headlines — but the Dow to gold ratio captures it with precision. Right now, the ratio reads approximately 10: it takes around 10 ounces of gold to match one unit of the Dow index. At the dot-com peak in 1999, it took 43. What does that shift tell us, and where does it go from here?

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