20 March | Silver

Citi strategists warn of underpriced silver tariff risks

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.

Elena Berseneva MarketCheese
Period: 14.07.2025 Expectation: 1600 pips
Upcoming “Crypto Week” to boost bitcoin prices
Yesterday at 11:26 AM 49
Period: 15.07.2025 Expectation: 400 pips
Selling AUDUSD targeting 0.65000 amid limited growth and technical weakness
Yesterday at 10:15 AM 35
Period: 31.07.2025 Expectation: 2000 pips
Selling SPX targeting 6,050
Yesterday at 08:54 AM 17
Period: 14.07.2025 Expectation: 945 pips
Delayed tariff implementation may push silver to $35.650
07 July 2025 55
Period: 18.07.2025 Expectation: 1400 pips
Weak dollar may drive S&P 500 to 6,300
07 July 2025 54
Brent sell
Period: 11.07.2025 Expectation: 400 pips
Brent falls ahead of OPEC+ decisions
04 July 2025 67
Go to forecasts