Gold erased earlier gains to finish flat as a White House official said the US is moving forward with tariffs in China. Prices earlier on Wednesday morning also remain below the mark of $3,000 an ounce.

The White House said President Donald Trump is proceeding with tariffs that would amount to 104% on many Chinese goods. Meanwhile Chinese Premier Li Qiang said his country has ample policy tools to “fully offset” negative external shocks.

US equities and bonds fell following large swings, while bullion erased gains of as much as 1.3% as investors tried pricing a global trade war in which Trump may be open to tariff deals, but negotiations won’t be easy.

Gold has been reeling along with other asset classes since the US leader last week announced global tariffs on the country’s trading partners. Despite being a haven asset in times of uncertainty, it “is not immune to liquidity-driven global derisking events,” said Nicky Shiels, head of research and metals strategy at MKS Pamp SA.

Still, bullion has climbed more than 13% this year — setting successive records and luring inflows to exchange-traded funds — as the prospect of widespread economic disruption fanned haven demand.

Fears of stagflation in the US economy where there’s upside risk to inflation and downside risk to growth are providing bullish support to gold prices going forward, according to Shiels.

June futures for Gold were little changed at $2,993 an ounce at 7 PM in New York. Silver slipped, while palladium was flat and platinum edged higher.