U.S. President Donald Trump has confirmed that gold imports will not be subject to tariffs, easing fears that had rattled global bullion markets earlier this week. The statement came after confusion stemming from a U.S. Customs and Border Protection (CBP) notice that suggested certain gold bars could face a 39% tariff under new trade rules.
Ending uncertainty
The CBP notice had indicated that widely traded 1-kilogram and 100-ounce gold bars, particularly those imported from Switzerland, might be included in reciprocal tariff measures. The prospect of such tariffs had raised concerns about disruptions to global gold supply chains and price volatility.
Market reaction
Gold markets responded swiftly to Trump’s clarification. U.S. gold futures fell around 2.4% to $3,407 per ounce, while spot prices dropped roughly 1.2% to $3,357. Analysts described the announcement as a “crisis averted,” noting that tariff disruptions to gold trading could have had far-reaching consequences.
Next steps
The White House is reportedly preparing an executive order to formalize the exemption of gold from any new tariff measures, though no official document has yet been released. Switzerland, one of the world’s largest gold refining hubs, is expected to benefit from the decision, avoiding potential trade complications.
By removing the uncertainty around gold tariffs, the move offers immediate relief to markets but it also underscores how quickly shifting trade policies can impact global commodities.
source: Reuters, The Economic Times, The Daily Beast
