Charles Esther
US President Donald Trump announced on Monday that gold imports will not face new tariffs, ending several days of confusion that unsettled global markets.
The uncertainty arose after reports suggested recent tariff hikes might apply to specific gold bar sizes, raising concerns about disruptions in international trade of the precious metal.
Customs Ruling Sparks Market Turmoil
The controversy began when US customs authorities released a letter stating that gold bars in two standard sizes — one kilogram and 100 ounces (2.8 kilograms) — should be classified as subject to duties.
The letter, dated July 31 and revealed last week, was first reported by the Financial Times, causing gold futures on the US market to soar to record highs.
White House Promises Clarification
A White House official later told AFP that the administration would soon issue an executive order to clear up “misinformation” about gold tariffs and other specialty goods.
Trump reinforced the message on his Truth Social platform, posting simply: “Gold will not be Tariffed!” without elaborating further.
Gold Prices Hit Record Levels
On Friday, gold for December delivery reached an all-time high on the Comex exchange — the world’s largest futures market.
Analysts linked the surge to fears that gold bars could be caught in Trump’s “reciprocal” tariffs on goods from dozens of countries, including Switzerland, where gold exports to the US face a 39% levy.
Trade Implications for Switzerland
One-kilogram bars remain the most traded gold product on Comex and make up the majority of Switzerland’s bullion shipments to the US.
The customs ruling shocked traders, as gold bars were widely expected to be placed under a different customs code that would exempt them from such tariffs.
Gold Maintains Safe-Haven Status
Gold — long considered a safe-haven investment — has already hit multiple record highs in 2025 amid global tariff disputes and geopolitical instability.
Market watchers say Trump’s clarification may ease immediate concerns, but uncertainty over trade policy continues to fuel investor demand for the metal.
David Awoyode