Citi strategists warn of underpriced silver tariff risks

Citi commodity strategists warn that the silver market may be underestimating the tariffs risks while determining prices. Experts say more substantial than expected US import duties may be imposed on April 2.

US Commerce Secretary Howard Lutnick suggested the US could start by introducing reciprocal tariffs. The step is likely to increase the average weighted tariff rate by 15–20%, Investing.com notes.

Meanwhile, US President Donald Trump called these measures aspirational, suggesting the possibility of a softer approach.

Despite disagreements in the US administration, Citi believes that the market may be pricing in much less tariff risk into silver than what is currently reflected. The company expects the duties on metal imports to be imposed in some form and uncertainty to persist even after April 2.