Gold is proving its worth as a haven this year as the two largest economies trade blows.

Consultancy Roskill estimates most new greenfield nickel projects would need prices at $22,000 a tonne or above.

Gold has surged 19% this year as the trade war flared up, bond markets signaled that a US recession may be on the horizon, and the Federal Reserve cut rates.

Australia produced an all-time high of 10.3 million oz. in the most recent fiscal year.

Zhaojin has also been linked with a takeover of Russian miner GV Gold.

Major resources such as crude oil or rare earths will still be subject to a fixed tax rate set by the central government.

A 5% levy will also be imposed on crude oil starting next month. Last year, Beijing removed crude from a list of goods targeted for tariffs, signaling the importance of American oil in the global market.