President Donald Trump has stated that gold imports will not be subject to US tariffs, intervening after a recent federal ruling triggered uncertainty in global bullion markets. The president announced his decision via social media, declaring definitively, “Gold will not be Tariffed!”
The announcement had an immediate, if muted, impact on gold markets. Gold futures traded on New York’s Comex and the global benchmark for spot prices in London showed little change following Trump’s post. Spot gold did recover some losses, although it remained down more than 1.2 per cent on the day.
The need for clarification arose after US Customs and Border Protection surprised traders with a decision that gold imports would be subject to duties. The ruling, which took the form of a letter issued to a Swiss refiner and subsequently published on the agency’s website, stipulated that one-kilogram and 100-ounce gold bars would be subject to country-based tariffs that took effect on August 7. As of Monday afternoon (early Tuesday AEST), no formal, updated policy had been released by US agencies.
A White House official had indicated the previous week that the administration intended to issue a new policy clarifying whether gold bars would face import taxes, following the initial customs ruling.
