FX.co ★ Silver Drops as Markets React to Trump Tariffs

Silver prices fell by over 1%, dropping below $33.50 per ounce on Thursday, hitting a one-week low as market participants contended with uncertainties following the broad tariff measures implemented by US President Donald Trump. The President imposed a 10% baseline tariff on all imports, with higher tariffs specifically targeting key trading partners: China at 34%, the European Union at 20%, and Japan at 24%. Additionally, a 25% tariff on foreign-made automobiles was enacted immediately. Trump defended these measures as a means to invigorate domestic manufacturing and address trade deficits. While gold reached a record high following the tariff announcement, silver faced downward pressure amid a broad selloff in the commodities market. Concurrently, US economic data indicated the manufacturing sector fell into contraction in March, and job openings in February decreased more than anticipated, down to 7.57 million. Investors are now watching for further economic insights from Friday’s non-farm payroll report.