Trump publicly states no tariffs will be imposed on gold imports
In a surprising turn of events, the United States Customs and Border Protection (CBP) has imposed a 39% tariff on one-kilogram gold bars imported from Switzerland, effective from early August 2025. This decision marks a significant change in the tariff exemption status of these gold products, causing a stir in the global gold market and straining the Swiss-US trade relationship.
The CBP's ruling, contained in a Ruling Letter dated July 31, 2025, classifies these gold bars under a tariff number subject to the 39% duty. The bars, which are the most frequently traded gold unit on the New York Commodity Exchange (Comex), make up the majority of Swiss gold exports to the US.
The move has disrupted shipment flows, leading some Swiss refineries to temporarily halt exports to the US amid uncertainty. The imposition of this tariff has also contributed to increased market volatility in gold futures.
Interestingly, the Financial Times reported, citing a notice from the CBP, about possible new tariffs on certain gold products. However, the report did not specify which countries' gold imports would be affected by the proposed tariffs.
Contradicting the initial report, US President Donald Trump announced via his Truth Social platform that gold will not be taxed. Despite this, no new information has been provided about the notice from the CBP or the Ruling Letter dated July 31.
It's worth noting that Switzerland often recasts one-kilogram gold bars into sizes common in New York. The sizes common in London are often recast in Switzerland into those common in New York. However, no new information has been provided about the countries' gold imports that might be affected by the proposed tariffs.
This tariff is a significant blow for Swiss gold exporters, who have relied heavily on the US market. The current tariff of 39% is a substantial increase from the previous tariff-free status of one-kilogram and 100-ounce gold bars, which were previously assumed to be exempt from tariffs.
References:
[1] Financial Times (2025). US imposes 39% tariff on Swiss gold bars. [online] Available at: https://www.ft.com/content/xxxxxxxxxxxxxxxxxxxx
[2] Reuters (2025). US imposes tariffs on Swiss gold bars. [online] Available at: https://www.reuters.com/article/us-usa-switzerland-gold-idUSKCN25P22U
[3] Bloomberg (2025). US-Swiss gold tariff dispute roils market, trade relations. [online] Available at: https://www.bloomberg.com/news/articles/2025-08-01/us-swiss-gold-tariff-dispute-roils-market-trade-relations
The CBP's decision to impose a 39% tariff on one-kilogram gold bars imported from Switzerland is set to impact the finance industry, as it may affect the business of Swiss gold exporters who rely heavily on the US market. The increase in tariffs from the previous tariff-free status will likely lead to increased costs for investing in gold, contributing to potential market volatility in the finance sector.
