Trump says gold will not be tariffed
An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023.
Chalinee Thirasupa | Bloomberg | Getty Images
President Donald Trump made a statement on Monday regarding tariffs on gold, overturning a previous ruling by U.S. customs officials. The ruling had imposed duties on imported gold bars from Switzerland.
“Gold will not be Tariffed!” Trump declared in a Truth Social post. Gold futures closed 2.48% lower at $3,404.70 per ounce following the announcement.
After the initial ruling by U.S. Customs and Border Protection, the price of gold surged to a record high. The ruling had subjected 1 kilogram and 100 ounce gold cast bars from Switzerland to a 39% tariff imposed by Trump.
These types of gold bars are commonly used to support contracts on The Commodity Exchange (COMEX), the primary futures market for various metals including gold and silver.
The Swiss Precious Metal Association expressed concerns over the potential impact of the customs ruling on the global gold trade, warning that it could disrupt the international flow of physical gold.
Trump had initiated reciprocal tariffs against numerous U.S. trading partners on August 7 as part of his trade policies.
