President Donald Trump said Monday that gold imports will not face U.S. tariffs, ending days of market confusion after a federal agency initially ruled that bullion bars would be subject to duties.
“Gold will not be Tariffed!” Trump posted on Truth Social, clarifying his administration’s position after gold futures hit record highs Friday amid uncertainty over the policy.
The confusion began when US Customs and Border Protection indicated in a July 31 letter that one-kilogram and 100-ounce gold bars would be subject to the administration’s reciprocal tariffs. The ruling would have applied to imports from Switzerland and other countries under Trump’s broader tariff program.
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The White House had signaled Friday it would issue an executive order addressing what officials called “misinformation” about gold tariffs. Switzerland, the world’s leading hub for gold refining and transit, exports approximately $61.5 billion worth of gold annually to the United States.
“Delighted to hear the crisis has been averted,” said Ross Norman, an independent gold market analyst. “It will come as enormous relief to the bullion markets.”
The episode highlighted the market volatility surrounding Trump’s expanding tariff policies, which have already imposed duties of up to 39% on Swiss goods. Gold has risen more than 27% this year as investors seek safe-haven assets amid trade tensions and economic uncertainty.
Swiss officials traveled to Washington this week seeking to reduce the tariff rates on their country’s exports, which rank among the highest imposed by the Trump administration.
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