Scottsdale Mint CEO sees US tariffs as serious threat to silver market

According to Josh Phair, CEO of the Scottsdale Mint (USA), Donald Trump's new duties on imported products, regardless of their size, will have a pronounced negative impact on the market for both silver and gold. 

As noted by Phair, despite the government's promises to exempt bullion shipments from tariffs, in reality it is difficult to determine which mint products will be subject to tariffs, especially when a product falls into multiple product categories at once. For example, investment coins can be categorized in different ways, Phair said. This poses a threat that customs could charge a higher tax upon importation.

Phair said the current uncertainty over the final size of the duties is causing importers to idle, hurting business. At the same time, before the announcement of the tariffs, the American market was flooded with precious metal from companies rushing to make deliveries under the existing conditions. This additionally destabilizes the situation.

Thus, as the expert concludes, a huge threat to the gold and silver markets is created by uncertainty about tariffs and the resulting actions of importers.