Silver Rises Over 120% YTD 
Trade negotiations between the EU and US are showing promising signs according to European trade negotiator Maros Sefcovic, who met with US Trade Representative Jamieson Greer in Paris on Wednesday. Despite this optimism, tensions rose as the Trump administration doubled tariffs on steel and aluminum imports from 25% to 50%, effective immediately.
The tariff increase, which applies to all trading partners except the UK, has jolted metal markets and drawn sharp criticism from European businesses and officials. Sefcovic noted that both the EU and US face the same challenge of steel overcapacity and should work together rather than against each other.
The timing is significant as Wednesday was also the deadline for countries to submit their best trade proposals to avoid broader “reciprocal” tariffs set to take effect on July 8. The UK remains the only country to secure a preliminary agreement during the 90-day negotiation window, with Prime Minister Keir Starmer expressing confidence that UK steel tariffs would drop to zero within weeks.
