U.S. Imposes Tariffs on Imported Gold Bars
(MENAFN) The United States has imposed new tariffs on imported gold bars, a move that could significantly disrupt the global bullion market and deal a severe blow to Switzerland’s dominant gold refining industry, according to multiple media outlets citing a Customs and Border Protection (CBP) ruling.
Media revealed that the CBP issued a letter on July 31 reclassifying 1-kilogram and 100-ounce gold bars—the formats most frequently traded—as subject to duties under a different customs category. The decision effectively brings gold bullion under the scope of tariffs introduced by President Donald Trump in a sweeping trade crackdown.
The reclassification now aligns these gold bar imports with a 39% tariff targeting Swiss goods. The penalty follows Trump’s rejection of Switzerland’s counteroffer: a 10% tariff rate in exchange for $150 billion in investment into the U.S., which Washington dismissed last week.
Previously, certain forms of bullion had been exempt when Trump’s tariff initiative began in April. However, CBP’s latest interpretation concludes that 1kg and 100-ounce bars fall under the category of “semi-manufactured” products rather than “unwrought, nonmonetary gold,” the latter being the only gold category currently excluded from the tariffs.
The implications are significant for Switzerland, the global leader in gold refining, where bullion remains a top export commodity to the U.S.
Industry insiders told media the policy shift has triggered confusion. It remains uncertain whether the tariff is already active. Some experts questioned the ruling’s validity, suggesting it could face litigation. One trader labeled the move “shocking.”
“We never ever thought that [gold bars] would be hit by a tariff,” said Robert Gottlieb, a former metals trader at JPMorgan Chase.
Christoph Wild, president of the Swiss Association of Manufacturers and Traders of Precious Metals, warned the ruling “deals a blow” to Swiss-U.S. gold trade, adding that the prevailing assumption had been that “remelted bullion was tariff-free.”
Market analysts say the tariff decision introduces fresh volatility to an already high-stakes global bullion environment. Gold prices, already surging amid widespread geopolitical and economic uncertainty, climbed further on the news. Gold futures on New York’s commodities exchange soared to a record high on Friday, with December contracts touching $3,534—a 27% surge since the end of 2024.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
