US EditionTrump order ‘clarifying misinformation’ on gold bar tariffs expected soon
UNITED STATES, AUG 8 – The White House plans to issue an executive order to correct misinformation after a Customs ruling imposed unexpected tariffs on gold bars, disrupting global bullion markets and trading.
- On Friday, the White House announced an executive order to clarify that imports of one-kilogram and 100-ounce gold bars are not subject to tariffs.
- In a surprise, CBP said on July 31 that imports of one-kilogram and 100-ounce gold bars face reciprocal tariffs, contradicting market expectations.
- Friday, New York Comex futures surged over 1% above $3,500 before paring gains, while the spread with London spot prices ballooned over $100 then dropped below $60 after the White House intervention.
- Facing newly revealed misinformation, some Swiss gold refineries paused U.S. bullion deliveries, UBS’s Ulrike Hoffmann-Burchardi said, citing concerns over potential tariff implications.
- Markets are now waiting on the promised executive order to see if Friday’s surge was a brief panic or the start of a longer-term realignment, analysts warn that a U.S. tariff could significantly affect Switzerland.
25 Articles
25 Articles
The United States has imposed tariffs on gold bullion imports, a decision by U.S. Customs and Border Protection. Analysts say the decision could hurt the Swiss gold-processing industry and shake up the global gold market.
Sydney Morning Herald
The AgeBillions made and lost in a blink as gold rides Trump rollercoaster
A shock US ruling suggesting that the precious metal would be subject to tariffs plunged that system into chaos. The ruling, while short-lived, has put traders on edge.
Gold futures skyrocket as tariff fears rattle markets
Gold futures hit an all-time high of $3,534 on Thursday after reports of the White House’s plans to issue an executive order imposing tariffs on gold. A White House official told Reuters that an executive order is expected in the near future, which would provide clarity for misinformation regarding tariffs on gold bars and other products. RELATED STORIESThis tax 'will definitely hurt our business’: WA 10% gold and silver tax punishes local retai…
U.S. gold futures pare gains after hitting record high amid uncertainty over White House tariff policy
Statement from White House official on upcoming executive order follows ruling, indicating that Washington may place most widely traded gold bullion bars under country-specific import tariffs
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