Economics
U.S. Tariffs Will Send Mexico Gold, Silver Abroad for Processing
- Mexican miners can refine gold and silver in other countries
- Top gold miner Newmont watching developments closely: CEO
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Donald Trump’s tariffs targeting Mexico risks backfiring on the U.S., 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 neighbor, which is the biggest source of U.S. 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.