Gold imported to the United States will be exempt from tariffs, according to U.S. President Donald Trump.
U.S. officials previously said the most common forms of gold bullion bars would be subjected to the blanket tariff rate on their country of origin. Imports from Switzerland, which holds around 70% of the world’s gold bullion market, currently face a 39% tariff.
“Gold will not be Tariffed!,” Trump wrote on Truth Social, though he did not provide further details.
U.S. Customs and Border Protection had told Switzerland’s Swiss Precious Metals Association at the end of July that one kilogram and 100-ounce cast bars of gold would not be exempt from tariffs.
These one kilogram bars are the most common form of gold traded on commodity exchange COMEX, as well as being sold to jewellers and manufacturers. They also represent most Swiss bullion exports to the U.S.
Last week, the price of U.S. gold futures reached an all-time intraday high of US$3,534 after this was reported.
“We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland,” said Swiss Precious Metals Association president Christoph Wild last week.
Gold prices closed 1.55% lower at US$3,347.64 after Trump’s announcement.
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