Spot Silver eased from a fresh 1 1/2-week high of $32.30 on Monday, after the White House announced smartphones and other electronics would be excluded from the reciprocal tariffs against China, which lifted market sentiment.
The Chinese Commerce Ministry welcomed the exemptions as a “small step.”
Yet, subsequent clarifications revealed those imports might still be subject to separate levies within the coming months and that they are still targeted by the 20% “Fentanyl Tariffs.” US President Donald Trump also intends to launch a national security investigation into the semiconductor industry and the broader electronics supply chain.
Non-yielding Silver may draw renewed support from prospects of more Federal Reserve rate cuts this year.
Markets are now expecting the Federal Reserve will likely resume monetary policy easing in June, while pricing in 80 basis points of rate cuts by year-end.
Spot Silver was last down 0.44% on the day to trade at $32.15 per troy ounce.
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