Silver Rises Over 120% YTD 
The world is experiencing a surge in trade barriers reminiscent of the protectionist spiral that worsened the Great Depression.
President Trump’s extensive tariffs have prompted retaliatory measures targeting hundreds of U.S. goods, but protectionism was already growing before his return to office.
Many nations had been erecting barriers against Chinese exports like electric cars and steel to protect domestic industries. This trend is accelerating as countries prepare for goods redirected by America’s tariff policies.
The WTO has lost relevance as a trade arbiter, while Trump plans even more aggressive “reciprocal” tariffs on semiconductors, drugs, and cars. Meanwhile, countries like South Korea, Vietnam, Mexico, Indonesia, and even Russia are imposing new restrictions on Chinese imports.
According to Global Trade Alert, G20 economies now have 4,650 import restrictions in force—75% more than in 2016 and nearly ten times the number from 2008. U.S. average tariff rates have returned to 1946 levels and could potentially reach their highest point in 90 years if Trump implements all proposed tariffs.
