US Imposes Tariffs on Gold Bars
(MENAFN) The United States has introduced tariffs on the import of gold bars, according to media sources on Friday, which cited a notification from Customs and Border Protection (CBP).
Experts warn that this action could negatively impact Switzerland’s gold refining industry and disrupt the international bullion trade.
A news agency, which first revealed the news, reported that CBP declared in a ruling dated July 31 that gold bars weighing 1 kilogram and 100 ounces—among the most frequently traded sizes—should be categorized under a customs code liable to tariffs.
This development places gold bars within the scope of US President Donald Trump’s recent tariff measures, which affect numerous trade partners, including Switzerland.
Last Friday, Trump imposed a 39% tariff on Swiss imports after dismissing Bern’s proposal to apply a 10% tariff in return for $150 billion in US-directed investments.
When the tariff campaign was initiated in April, certain products—including specific types of bullion—were exempt.
The CBP’s decision, made in response to a Swiss refinery’s inquiry, classified 1kg and 100-ounce gold bars as “semi-manufactured” items rather than “unwrought, nonmonetary gold,” which is the only exempt group.
Switzerland is recognized as the largest gold refining center globally, and bullion constitutes one of its primary exports to the US.
Traders speaking with a news outlet expressed uncertainty about whether the tariffs have already been implemented.
Some suggested CBP might have made a mistake, describing the ruling as “shocking” and predicting it will face legal disputes.
Robert Gottlieb, a former metals trader at JPMorgan Chase, remarked, “We never ever thought that [gold bars] would be hit by a tariff.”
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