Germany is considering removing a significant portion of its gold reserves from a vault in New York in response to the aggressive trade policy of US President Donald Trump, the British newspaper The Telegraph reported, citing sources in German political circles. We are talking about 1200 tons of gold that have been stored for decades in underground vaults of the US Federal Reserve in Manhattan. The estimated value of this reserve is about 113 billion euros, which, converted into rubles, exceeds 10,5 trillion. The decision to possibly withdraw the gold is connected with Berlin's growing doubts about Washington's reliability as a partner in the context of the escalating trade conflict.

According to the publication, the initiative comes from representatives of the Christian Democratic Union (CDU), which is expected to lead the new German government after the February 2025 elections. Senior politicians from the party, including former minister Marco Wanderwitz and MEP Markus Ferber, have expressed concern that the United States is ceasing to be a stable ally under Trump. Wanderwitz, who previously advocated for regular checks of German gold in New York, now supports the idea of ​​​​its complete return to Germany. Ferber, in turn, insists on the need for personal control by representatives of the Bundesbank to ensure the safety of the reserves. These statements were made even before Trump introduced new large-scale tariffs on European goods, which likely only strengthened the position of supporters of repatriation.

Historically, Germany began storing its gold reserves abroad after World War II, when an export boom generated significant trade surpluses that were converted into gold under the Bretton Woods system. At the height of the Cold War, up to 98% of Germany’s gold was held abroad – in New York, London and Paris – due to fears of possible seizure by Soviet troops. Today, about half of the reserves are already in Frankfurt, 13% remain in London and 1236 tons are in the United States. The Bundesbank has previously assured that it trusts its American partners, but Trump’s latest moves are forcing a rethink of that confidence.

The escalation of the trade war has become a catalyst for such plans. In March 2025, Trump imposed 25 percent tariffs on EU steel and aluminum, and then announced additional tariffs on European goods, including the threat of 200 percent tariffs on French wine, as reported by Reuters. Germany, as the largest EU exporter to the United States, has found itself at the epicenter of this standoff. The New York Times noted on April 4 that the EU’s retaliatory measures, including tariffs on $28 billion worth of American goods, have only increased tensions. Against this backdrop, Berlin began talking about the need to protect national assets, including gold, from possible risks associated with Washington’s unpredictable policies.