Media reports US imposing tariffs on gold bars

(MENAFN) The US has introduced tariffs on imports of gold bars, according to reports citing a Customs and Border Protection (CBP) notice. Analysts warn this move could negatively impact Switzerland’s gold refining sector and disrupt the global bullion market.

The Financial Times revealed that a July 31 CBP ruling classified commonly traded 1kg and 100-ounce gold bars under a customs code subject to tariffs. This change places these gold bars under the scope of US President Donald Trump’s recent tariff measures targeting numerous trade partners, including Switzerland.

Trump imposed a 39% tariff on Swiss goods last week after rejecting Switzerland’s offer of a 10% tariff in exchange for $150 billion in US investment. Initially, some commodities like certain bullion types were exempt from tariffs. However, the CBP ruling, responding to a Swiss refinery’s request, determined these gold bars are “semi-manufactured” rather than exempt “unwrought, nonmonetary gold.”

Switzerland, the world’s largest gold refiner, counts bullion among its top exports to the US. Traders expressed confusion and surprise over the decision, with some predicting legal challenges. Christoph Wild, head of the Swiss Association of Precious Metals Manufacturers and Traders, said the ruling dealt a significant blow to Swiss-US gold trade, contradicting prior expectations that remelted bullion would remain tariff-free.

Experts warn this development could unsettle the global bullion market. Gold, a traditional safe haven amid political and financial uncertainty, has rallied strongly this year, climbing 27% since late 2024. Following the news, New York gold futures hit a record high, with December contracts reaching $3,534.

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