Morning from Copenhagen, where the Easter sun is shining.

Gold is off to a hot start, while Chinese equities—especially tech-related names in Hong Kong—are struggling, likely due to rising non-tariff tensions between the US and China. Beijing just pulled Boeing orders, and Washington is countering by banning another set of Nvidia GPUs from export to China. Trump, speaking through official White House channels yesterday, said the ball is in China’s court. Meanwhile, Beijing has been vocal that they’re not about to pick up the phone.

Are we staring down a proper gridlock here?

And if the US really wants to escalate—say, by banning components critical to China’s domestic aircraft manufacturing in response to the Boeing snub—could China be tempted to hit back harder? A Tesla ban in China would be the ultimate test of Trump’s resolve. Just thinking aloud.

While this plays out, larger companies appear to be front-running the situation and rerouting supply chains with some success (more on that in a second). But it’s a different story for the smaller players—drop-shippers, niche webshops, sewing supply outfits. They’re left scrambling, with few(er) good options.

Chart of the day: Gold at all-time-highs