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US commodity markets are showing notable price divergences from global benchmarks as traders position themselves for Donald Trump’s proposed import tariffs. The president-elect’s team is considering a gradual implementation of tariffs ranging from 10-20% on foreign goods, with potentially higher rates of 60% or more for Chinese imports. According to Citigroup analysts, platinum faces the highest risk due to significant US import dependence and limited sourcing from free-trade agreement countries. Meanwhile, precious metals like gold and silver may avoid tariffs due to their status as monetary instruments and legal tender. The analysts also warn that potential 25% tariffs on Canadian imports could significantly impact US energy prices, particularly affecting refiners and consumers in regions with limited alternatives.
