The U.S. may impose tariffs of up to 50% on silver, and an anti-dumping investigation into palladium has been initiated.

[Coin World] On August 28 (UTC+8), silver was included in the list of 54 critical minerals that the United States relies on imports for, and is currently awaiting the results of a review under Section 232 of the Trade Expansion Act, which allows for tariffs to be imposed on goods deemed essential for national security. A certain bank anticipates that by the time the report is released in October, some metals may face targeted tariffs of up to 50% immediately or in phases. Analysts stated: “We expect that the potential for rapidly developing and expanding domestic capacity (as well as any industry lobbying supporting tariffs) may influence the government’s differentiated policies toward various metals and minerals.”

In addition, at the beginning of this month, the U.S. Department of Commerce launched an anti-dumping investigation into unrefined palladium from Russia. The bank’s basic expectation is that palladium will ultimately be subject to tariffs through this investigation or the Section 232 report. Analysts indicate that considering the tariff risk, the gap between U.S. palladium and silver prices and international benchmark prices is too small.