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.
120 Articles
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Swiss gold refining sector hits US tariff mine
The first casualty of the imposition of a hefty 39-percent tariff on Swiss imports into the United States may be gold refining after it emerged certain gold bars would face the levy.
According to a document of the U.S. Customs and Border Protection Office (CBP), ingots of one kilo and 100 ounces are now to be classified under a customs code subject to levies. Ingots of this type are the most common in Comex, the main trading bag for future metals such as gold, silver, copper and aluminum in the world. They also constitute the majority of the exports of gold from Switzerland to the US country, as they are one of the main prod…
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