Quick overview

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The Trump administration plans to implement a new policy that will exempt gold bars from tariffs. This decision has confused in the market following a ruling by U.S. Customs and Border Protection that stated gold bars would be subject to duties. To address what one official described as misinformation regarding tariffs on gold and other specialty goods, the White House intends to issue an executive order soon.

Previously, industry participants believed that President Donald Trump’s “reciprocal tariffs,” which include a 39 percent duty on goods imported from Switzerland—a major gold exporter—would not apply to gold bars.

The confusion began when a Swiss gold refiner inquired about the tariffs and received a letter from U.S. authorities clarifying the situation. According to customs officials, both 100-ounce and one-kilogram gold bars will indeed be subject to these duties. The forthcoming executive order will clarify this ruling and reaffirm the exemption status for gold imports.

The U.S. Customs and Border Protection ruling, which stated that gold bars weighing one kilogram and 100 ounces are subject to reciprocal tariffs, created turmoil in the bullion markets over the past twenty-three hours. This confusion followed after a Swiss refiner sought clarification on the levies, prompting the agency to publish its ruling on the website.

Such a directive could impact the operation of U.S. futures contracts and have significant effects on the global bullion market. Larger gold mining stocks, such as Newmont Corp., experienced sharp declines after the White House statement, while stocks like Agnico Eagle Mines Ltd. and Franco-Nevada Corp., a provider of gold royalties, quickly erased any prior gains. Funds like the VanEck Gold Miners ETF were also affected.

XAU/USD, as a global currency and financial asset, differs from other metals that are subject to tariffs, such as copper, steel, and aluminum. The decision to impose these tariffs on gold has caused shipments to become stalled.