Silver Rises Over 120% YTD 
The White House announced that steel, aluminum, gold, and other metals will be exempt from the newly implemented “reciprocal” tariffs. This decision relieves domestic buyers and demonstrates caution in sectors where the US heavily depends on imports.
A White House official indicated that critical minerals of strategic value could still face tariff investigations under Section 232 of the Trade Expansion Act. The US depends on imports for many metals where China controls the supply chain – including 80% of rare earths, about 75% of zinc and tin, and over 50% of lithium. So far, China has responded to US trade measures by restricting exports of minor but crucial metals where it has production dominance.
Meanwhile, US steel companies have outperformed the broader market this year as tariffs boosted metal prices, though demand remains weak amid construction slowdowns and high inflation.
