Gold couldn't hold up, the Swiss franc and yen have become the "true safe havens."

After U.S. officials took a tough stance on tariffs, risk aversion increased, leading to a significant strengthening of the yen and Swiss franc. On Monday, the yen rose 1% against the dollar to 145.41, and the Swiss franc also climbed 0.7%, briefly breaking above the 0.85 mark against the dollar. Meanwhile, the Australian dollar fell 0.7%, becoming the worst-performing currency among major developed market currencies. Even gold was not spared, with spot gold briefly falling below the $3,000 mark, reaching a low of $2,971 per ounce. Nick Twidale, chief analyst at AT Global Markets, analyzed: “If Trump continues to be tough, we will face more risks.” “Reaching an agreement will take months, which is not good for global trade and does not meet investors' expectations of the Trump administration, as the government had previously improved the trade environment by reducing tariffs.” Panic buying of safe-haven assets is accelerating, as U.S. officials indicated over the weekend that President Trump was unlikely to make concessions on the so-called reciprocal tariff issue. Treasury Secretary Mnuchin clearly stated that trade issues could not be resolved through negotiations in a matter of days or weeks. This tough stance caught the market off guard. S&P 500 futures fell sharply in early Asian trading, while U.S. Treasury futures rose, reflecting growing investor concerns about the global economic outlook. Australian assets have become one of the hardest-hit assets, as the economy heavily relies on its trade ties with the U.S. The Australian dollar recorded its largest decline since October 2008, and Australian stocks also fell sharply. Chris Weston, head of research at Pepperstone Group, stated: “President Trump and Treasury Secretary Mnuchin seem unfazed by the market reaction, and the market will continue to test their resolve this week.”