关税风险被低估！花旗警告：美国钯和银溢价偏低

Group 1 - Citigroup analysts indicate that the price gap between U.S. palladium and silver and international benchmark prices is too small, considering the tariff risks on key minerals [1] - Earlier this year, U.S. precious metal futures prices surged above the benchmark London spot prices due to traders' expectations of tariffs on imports, leading to significant profits for those who predicted U.S. trade policies accurately [1] - Following the exemption of palladium, platinum, and silver from tariffs in April, the price differentials significantly decreased [1] Group 2 - Silver has been added to the U.S. list of 54 critical minerals dependent on imports, pending a review under Section 232 of the Trade Expansion Act, which allows tariffs on goods deemed vital to national security [3] - Citigroup forecasts that certain metals on the list may face specific tariffs of up to 50% upon the release of the Section 232 report in October [3] - The U.S. Department of Commerce has initiated an anti-dumping investigation into unrefined palladium from Russia, suggesting that this precious metal, used in catalytic converters, may be impacted by tariffs [3]