The US dollar has experienced a significant decline of nearly 10% this year, its largest annual fall since 2017, contrary to typical tariff impacts. This erosion of the dollar's safe-haven status is attributed to the volatility of trade policies under the Trump administration, which made US assets appear riskier. Consequently, precious metals like gold and silver have seen substantial gains, with gold up 65% and silver over 130%, emerging as new primary safe-haven assets.