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2d ago

White House Moves to Clarify Gold Bar Tariffs as Futures Slide from Record Highs

The administration plans an executive order to resolve which gold bar sizes face reciprocal duties following the July 31 CBP ruling

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Gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. REUTERS/Denis Balibouse/File photo
Traders at the New York Stock Exchange on August 8. A tariff on gold imports could significantly affect the global gold trade, experts say.

Overview

  • The CBP’s July 31 ruling applied President Trump’s 39% reciprocal tariff to standard one-kilogram and 100-ounce gold bars long assumed to be duty-free.
  • COMEX gold futures shot past $3,534 per ounce on August 8 as traders scrambled over potential settlement costs and then eased after the White House announcement.
  • Switzerland’s refineries, which supply most COMEX-deliverable bars, warned that the 39% levy could make bullion exports to the U.S. economically unviable.
  • The Swiss Association of Manufacturers and Traders of Precious Metals cautioned that unclear tariff rules threaten to halt physical bullion flows between Switzerland and the U.S.
  • Market participants are awaiting clarity on whether other bar types, such as the 400-ounce London standard, and imports from non-Swiss sources will carry the same duties.