US President Donald Trump on Monday assured that gold imports will remain free from additional tariffs, easing concerns that had rattled global bullion markets last week.
“Gold will not be Tariffed!” Trump declared on his Truth Social account, without elaborating. His statement followed days of uncertainty triggered by a US Customs and Border Protection (CBP) letter that appeared to classify certain gold bars under tariffed goods.
The letter, dated July 31 and first reported by the Financial Times, indicated that gold bars weighing one kilogram and 100 ounces (2.8 kg) should be subject to duties. This move surprised traders, as such products were widely expected to fall under a different customs classification exempt from Trump’s “reciprocal” tariffs on imports from dozens of countries — including Switzerland, which faces a 39% levy.
The classification scare sent shockwaves through the market, with December gold futures on the Comex exchange hitting a record high on Friday. One-kilogram bars, the primary unit traded on Comex, also represent the bulk of Switzerland’s gold exports to the US.
A White House official told AFP last week that the administration plans to issue an executive order to “clarify misinformation” surrounding the tariff status of gold bars and other specialty items.
Gold prices have been climbing throughout the year amid geopolitical tensions and trade policy uncertainty, cementing its position as a safe-haven asset for investors. The latest tariff confusion briefly amplified those gains before Trump’s assurance calmed market nerves.
