China and increasingly the rest of the world is hedging the U.S. during the Trump era, geopolitics normalized tariffs, sanctions, and bilateral pressure as financial weapon to inject uncertainty into global markets. Holding U.S. Treasuries now looks like paying a geopolitical tax. 30 yrs later, gold has once again surpassed Treasuries in global central bank reserves (fig. 1). And China’s gradual reduction of Treasuries alongside its steady accumulation of gold (fig. 2, 3) signals a clear attempt to compete by minimizing US influence over China’s financial survival. In a fractured world, real power is collateral power.