Reshuffle of White House Tariff Team, Spot Market Sees Demand for Restocking at Lows [SMM Tin Morning Brief]

SMM Tin Morning Brief on April 11, 2025: The White House tariff team underwent a reshuffle, with the hawkish Commerce Secretary and trade advisor being marginalized. US Treasury Secretary Bessant now controls the overall trade landscape. Meanwhile, trade advisor and populist Navarro was sidelined, while the Wall Street "punching bag" Commerce Secretary Lutnick was once again seen as the "bad cop" (a tough and hardline role). This reflects the turmoil surrounding Trump's trade policy this week and the shift towards the "fair trade" that Bessant has long advocated. A source close to Trump and Navarro stated that this trade hawk can still influence the president. Trump respects Navarro's radical populist ideas, but this does not mean he is in a core position. Another source indicated that the White House believes Lutnick's difficult personality can be utilized in negotiations. This role change occurred amidst a tug-of-war between the fair trade and protectionist camps within the White House. A former Trump administration official said, "Trump likes to create chaos first, then calm down, then create chaos again, and then restore calm, just to keep people guessing." This state also exists within Trump's inner circle, with various forces constantly moving in and out of the sphere of influence. Although the internal struggles common during Trump's first term have largely disappeared in his second term, the changes in the leadership of tariff policy remind people that the competition for power and influence is not over. Spot market: During yesterday's night session, SHFE tin prices fluctuated rangebound, closing at 252,600 yuan/mt. The spot market continued its hot trading yesterday, with the majority of downstream and end-user companies making large purchases and restocking this week, reflecting the release of restocking demand in the spot market after futures prices fell sharply. Traders reported that yesterday's transactions remained at around two trucks, with customers still actively inquiring and purchasing. Smelters maintained a hold back cargoes attitude. Overall, the spot market remained hot yesterday.