At the end of last week, a new round of escalation of the trade war between the United States and China took place. Recall that at first China introduced additional duties on the import of goods from the USA in the amount of $ 75 billion. In response to this, US President D. Trump raised the tariff for importing Chinese goods in the amount of $ 250 billion from 25% to 30%. The decision will enter into force from October 1. The remaining $ 300 billion worth of goods will be taxed at 15% (not 10% as previously planned) from September 1, Trump added. This increase in tension instantly triggered an escape from risk, and over the weekend the markets continued to recoup this topic, seeking salvation in safe assets. As a result, the new week began with large-scale gaps reflecting increased demand for such safe harbors as the yen, treasury and gold, and the withdrawal of players from risky assets like oil, stocks, and antipodes. USD / JPY opened with a bearish gap and updated multi-year lows at 104.50. Crosses involving the yen also declined everywhere. Ozzy tested the area at 0.67, while the Qiwi dipped to 0.6341. Gold opened with a big bullish gap and rushed above 1550USD, although it is now trading in the region of 1542. However, later the markets managed to calm down a bit against the background of China’s comforting assurances that he was opposed to an escalation of the trade war. This allowed the USD / JPY to jump to almost 105.80, (although the pair immediately rolled back in the direction of the level of 105). AUD / USD tried to test the 0.6750 area. As for the euro and the pound, they held the Asian session in narrow ranges. Further today, the economic calendar of Monday is not rich in events – only the IFO index of Germany and the US report on durable goods orders will attract attention. The main driver for the markets may remain news on the topic of further development of US-China relations.