US EditionUS imposes tariffs on one-kilo gold bars, FT reports
SWITZERLAND, AUG 7 – The US tariff reclassification on one-kilo gold bars threatens $24 billion in Swiss exports and has caused a 27% rise in gold prices, disrupting global bullion trade.
- On July 31, 2025, the US Customs and Border Protection agency reclassified one-kilo and 100-ounce gold bars under code 7108.13.5500, imposing tariffs.
- The triangular trade system has long routed bullion from London to Switzerland for recasting into smaller formats, and earlier this year, traders scrambled to stockpile ahead of Donald Trump’s `liberation day` tariffs.
- As Asian markets opened Friday, premiums soared, with December delivery contracts climbing over $100 above London’s spot price and briefly touching $3,500, up 27.
- Some Swiss refiners have pulled back on shipments to the US, as the decision could trigger billions in new duties and cause supply cuts.
- Given worsened US-Swiss trade relations, Switzerland’s gold exports face a 39 percent tariff last week, potentially adding roughly $24 billion in duties and reshaping bullion flows.
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