Core Viewpoint - The Swiss National Bank has acknowledged the U.S. Treasury's report regarding currency manipulation and unfair trade practices [1] Group 1 - The Swiss National Bank is aware of the U.S. Treasury's concerns about currency manipulation [1] - The report from the U.S. Treasury highlights issues related to unfair trade practices that may affect international economic relations [1]

Core Viewpoint - The Trump administration is facing challenges with its tariff strategy, prompting consideration of a two-step "Plan B" to ensure the continuation of its tariff policies despite legal obstacles [1][2]. Group 1: Plan B Details - The proposed "Plan B" involves utilizing Section 122 of the Trade Act of 1974, which has never been activated before, allowing for a temporary imposition of up to 15% tariffs on global economies for 150 days to address trade imbalances [2]. - During the 150-day period, the administration plans to tailor individual tariffs for major trading partners using Section 301 of the same law, aimed at countering what the U.S. perceives as unfair foreign trade practices [2]. - Senior trade advisor Navarro hinted at the dual-track approach, suggesting the potential use of the Smoot-Hawley Tariff Act of 1930 to impose tariffs on countries deemed discriminatory against the U.S. [2]. Group 2: Legal Risks - Despite the new plan appearing well-prepared, it still faces significant legal challenges, as highlighted by former officials who note that proving unfair trade practices is essential to avoid litigation [3]. - Legal experts warn that shifting to different legal frameworks during ongoing appeals could be interpreted as an acknowledgment of defeat in current cases [3]. Group 3: Global Trade Dynamics - The court's ruling against Trump's tariff authority has broader implications, limiting the administration's negotiating leverage and complicating ongoing trade discussions with multiple countries [4]. - Contrasting views emerged, with the National Economic Council director expressing optimism about trade negotiations, while the uncertainty from the court's decision casts doubt on upcoming deadlines for tariff decisions [4]. - European officials argue that tariffs are detrimental to all parties and are seeking to lower trade barriers to pre-dispute levels, indicating a willingness to negotiate on key issues like steel and automotive tariffs [5].

Group 1 - Silver T+D is currently trading above 8163, with an opening price of 8228 and a current price of 8168, reflecting a decrease of 0.21% [1] - The highest price reached today was 8230, while the lowest was 8161, indicating a bearish short-term trend in the silver T+D market [1] - Resistance levels for silver T+D are identified in the range of 8294-8360, while support levels are noted between 8150-8190 [3] Group 2 - Discussions within the Trump administration are ongoing regarding dual response strategies to trade issues, with no final decision made yet [2] - The recent court ruling allows Trump's emergency tariffs to remain in effect during the appeal process, potentially delaying any alternative plans [2] - The National Economic Council Director's statements appear contradictory to the ongoing discussions, asserting that trade negotiations will continue unaffected [2]