Trump unequivocally announces that import taxes on gold will not be imposed
In a significant move that has sent ripples through the global gold market, the United States has imposed a 39% tariff on imported gold bars weighing 100 ounces or more [1]. This decision, announced in early August 2025, affects commonly traded sizes such as one-kilogram bars, which are the most frequently traded size format on the New York commodities exchange Comex.
The announcement was based on a notice from the Customs Border Protection Agency (CBP) and was first reported by The Financial Times, a British daily newspaper published in London. The notice, dated July 31, aimed to clarify the trade policy by the customs authority [1].
The tariff seems to be a dual-purpose measure, serving both as a fiscal measure to raise revenue and a strategic move targeting Switzerland, a key global hub for refining and standardizing gold bars. The tariff challenges Switzerland’s gold export dominance, as it aims to disrupt Swiss-refined gold sales to the US market by making them more expensive [1].
This move has unsettled bullion markets and caused gold futures prices to reach record highs, signaling a shift in trade and monetary policy dynamics related to gold [1]. The tariff effectively affects Switzerland's gold exports by limiting its ability to sell refined gold into the important US market under favorable terms, threatening its dominant position in the global gold supply chain.
However, the denial of the imposition of tariffs on gold by US President Donald Trump, made on his Truth Social platform, comes after the initial report by The Financial Times suggesting potential tariffs on gold imports. Despite Trump's denial, the impact of the tariff on the gold market and Switzerland's gold exports remains significant.
[1] Source: The Financial Times report dated August 3, 2025.
- The tariff imposed on imported gold bars, a fiscal measure aimed at raising revenue and disrupting Swiss-refined gold sales to the US market, could potentially influence the employment policy within the gold mining, refining, and trading communities, as well as the finance sector, given the projected shift in trade and monetary policy dynamics.
- In the realm of real-estate and business investments, this tariff might encourage investors to reconsider their strategy towards gold, consider alternative markets for gold investments, or even look into investing in the gold refining or standardizing industry within countries like Switzerland to capitalize on the premium pricing due to the tariff.
