[iluxonchik]

The tariffs imposed by the U.S. on the European countries are detrimental to USD's position as a reserve currency. A capital outflow out of the U.S. dollar creates positive price pressure on gold via increased demand.

This is true regardless of the U.S. Supreme Court's decision on whether President Trump can lawfully impose unilateral broad tariffs via executive order using the the International Emergency Economic Powers Act (IEEAP).

It summarizes down to increased pressure on swapping USD-denominated reserves for gold (and renminbi/Chinese Yen), and the disincentives for acquiring/rolling-over USD treasuries, bonds and notes.

The article goes into more detail.