On January 15, 2026, silver prices experienced a sharp decline, tumbling by as much as 7.3% after reaching record highs. This significant market movement occurred following an announcement from US President Donald Trump that his administration would postpone new tariffs on critical mineral imports. Instead of immediate levies, Trump indicated a preference for negotiating bilateral agreements with foreign nations to ensure adequate supplies and mitigate supply chain vulnerabilities. This strategic shift temporarily alleviated market anxieties, particularly the 'tariff risk premium' that had contributed to the recent surge in precious metal prices, triggering widespread profit-taking among investors. The decision to hold off on tariffs came after a comprehensive, months-long review under Section 232 of the Trade Expansion Act, which assessed whether foreign critical mineral shipments posed a threat to US national security. While tariffs are currently on hold, the White House has not entirely ruled out future import restrictions, with options such as price floors on specific critical minerals still under consideration. The policy context dates back to Trump's earlier administration, where executive orders aimed to reduce US reliance on foreign adversaries, particularly China, for critical minerals essential to technology, defense, and energy sectors. Notably, silver was formally designated as a US critical mineral in November 2025, a classification that made it subject to such trade reviews and potential tariffs. The broader impact of this policy extends beyond silver, affecting other precious metals like gold, platinum, and palladium, which also saw declines. The episode underscores the volatility in commodity markets driven by US trade policy and geopolitical developments.