Tariffs Are Shelved

The most likely outcome is that the White House and Commerce Department do not extend the copper-tariff framework to silver or platinum-group metals. The prior gold-bar clarification and the JPMorgan metals head's comments reinforce the view that broad precious-metals tariffs would be operationally disruptive and politically low-return.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.