Donald Trump’s tariffs targeting Mexico risks backfiring on the US, at least in the global metals market.
Miners of Mexican precious metals are unlikely to be hit significantly if Trump imposes levies on goods from its neighbour, which is the biggest source of US silver imports and its second-largest gold supplier. Instead, American processors will probably bear the brunt of the latest trade spat, as they lose out on supply that’s driven away to refiners and smelters elsewhere.