SMM

US President Trump halted the comprehensive reciprocal tariffs that took effect on April 9. The spot market continued its heated trend yesterday. [SMM Tin Morning Brief] US President Trump halted the comprehensive reciprocal tariffs that took effect on April 9, with a 90-day suspension period to allow for trade negotiations. However, he maintained the 10% baseline tariff on all goods entering the US globally (effective since April 5) and continued to impose tariffs on specific industries, while hinting at the possibility of additional tariffs in the future. As a result, dozens of trading partners temporarily avoided the hefty tariffs of 11%-50% announced by Trump last week. Currently, the 25% tariffs on steel and aluminum effective since March 12 and the 25% tariffs on automobiles and parts effective since April 2 remain in place. Auto parts compliant with the USMCA will continue to enjoy zero tariffs until US Customs and Border Protection "establishes a process to impose tariffs on their non-US products." Additionally, Trump stated on Tuesday that significant tariffs on pharmaceuticals are expected to come soon. Spot market: During yesterday's night session, SHFE tin prices opened lower but rebounded, closing at 244,500 yuan/mt. The spot market continued its heated trend yesterday, with most downstream and end-user companies continuing to purchase and partially restock. Most back-priced orders have also been settled. Traders reported that yesterday's transactions mostly involved 2-3 truckloads, with customers showing strong willingness to inquire and purchase. Smelters still maintain a hold-back cargoes attitude. Overall, the spot market remained heated yesterday, and social inventory of tin ingots is expected to see significant destocking this week.