Trump explicitly states that gold imports will not be subject to tariffs
In a recent development, the Customs Border Protection Agency (CBP) has issued a notice about potential new tariffs on certain gold products, which could significantly impact the gold export industry in Switzerland.
The notice, reported by The Financial Times, suggests that gold bars weighing one kilogram and 100 ounces (3.11 kilograms) could be subject to duties. This potential move could disrupt the Swiss gold export industry, which caters to the standards of the New York Commodities Exchange (Comex) and exports a significant portion of one-kilogram gold bars to the US.
The common sizes in London are often recast in Switzerland into those common in New York, making the Swiss gold export industry crucial for meeting the demands of the Comex. However, the new tariffs, if implemented, could potentially drive up the gold price and make Swiss gold exports less competitive due to higher costs imposed by the tariff.
The gold export industry in Switzerland plays a major role in global gold refining and bar production. By imposing this steep tariff, the US aims to disrupt Switzerland's dominance in refining and selling refined gold bars, potentially limiting Swiss gold exports to the US or making them less competitive.
The current tariff on gold imports into the US is 39% on gold bars weighing 100 ounces or more, announced in early August 2025 by the Trump administration. This tariff has notably affected the bullion market, causing uncertainty among dealers and investors trading large-format gold.
In a recent statement on his Truth Social platform, US President Donald Trump dismissed the possibility of trade barriers on gold imports, stating, "Gold will not be taxed!" However, the Ruling Letter from the CBP, dated July 31, clarifies trade policy by the customs authority, adding to the uncertainty surrounding the potential new tariffs.
The Financial Times article serves as a potential source of information about the new tariffs on gold imports. As the situation develops, it is expected that the gold market will closely monitor any updates regarding these potential tariffs and their potential impact on the gold industry.
[1] Source: The Financial Times, "US to impose tariffs on gold imports, threatening Swiss industry", August 5, 2025.
Read also:
- "Germany appears less environmentally friendly compared to Texas, according to Harald Lesch's climate documentary"
- Cars that have clocked millions of miles without significant maintenance include models from brands like Lexus and Hyundai.
- Nuclear power plant in France temporarily halted due to jellyfish intrusion
- Betting platform Bet9ja, powered by Logifuture, partners with prolific boxer Moses Itauma in a heavyweight collaboration.
