Overview

• A July 31 CBP letter classified standard 1 kg and 100 oz gold bars under codes subject to up to a 39% tariff on imports from Switzerland.
• The unexpected ruling drove COMEX gold futures to record highs and caused at least one major Swiss refinery to pause shipments to the U.S.
• On August 11, President Trump’s Truth Social post declaring “Gold will not be Tariffed” sent futures down about 2.4% and spot prices over 1% lower.
• No updated CBP policy has been published to reflect the exemption, and the White House says an executive order is forthcoming to clarify gold’s tariff status.
• Trump has challenged analyses by Goldman Sachs and others about who bears tariff costs, intensifying debate over the economic incidence of his reciprocal trade levies.