Washington holds off Section 232 tariffs on processed critical minerals, silver included

On January 15, 2026 the White House said it would not impose tariffs on processed critical minerals and their derivative products for now, and spot silver fell more than 3% that day. Officials said trade negotiations would follow, with tariffs possible if satisfactory agreements were not reached in a timely manner. For silver traders the open question is whether a tariff or price-floor deal arrives later in 2026.

• Spot silver last traded at $90.09 an ounce, down more than 3% on the day
• Session high of $93 before the decline
• No tariff now on processed critical minerals, per the White House
• Tariffs could follow if deals are not reached in a timely manner