Gold will not be subject to tariffs, says Trump

Trump: "Gold will not be subject to tariffs" Keystone-SDA

'Gold will not be subject to tariffs,' American President Donald Trump wrote on the social network Truth Social on Monday. Last week, it was unclear whether the new tariffs would also be imposed on gold bars from Switzerland.

Trump himself weighed in on the issue of gold tariffs after confusion and panic triggered by the revelation of US customs information dating back to July regarding custom duties on gold.

On Monday, the gold price – at an overall high level – came under pressure when it became clear that the US had not imposed tariffs on gold imports after all. The price of the precious metal temporarily fell by about $50 per ounce.

The White House plans to issue an executive order in the near future to clarify misinformation about the taxation of gold bullion, in particular.

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This announcement of a future clarification decree, transmitted on Friday by news agency AFP, follows information from US customs that caused panic among specialists and on the markets. A customs document dated July 31 that was made public on Friday indicated that one-kilo and 100-ounce gold bars would be subject to customs duties. This was in fact “false information”, Bloomberg later reported, based on a statement by an official who requested anonymity.

For Switzerland, a major gold refining centre, a tax on gold would represent a further blow after Switzerland was hit on Thursday with heavy tariffs of 39% on its products entering the United States.

Until now, investors have always taken it for granted that gold was exempt, along with pharmaceutical products, which are under threat of a separate tariff. The Swiss Association of Manufacturers and Traders in Precious Metals (ASFCMP) expressed its concern on Friday about the possibility of taxation. A tax on gold “would make its export to the United States economically unviable”.

Swiss gold sector cautious

“President Trump’s statement is an encouraging sign for trade stability,” said Christoph Wild, president of the The Swiss Association of Precious Metal Manufacturers (ASFCMP). “However, only a formal and binding decision can provide the certainty the gold sector and its partners need,” he added.

The ASFCMP emphasised that stable and predictable trade rules are essential for the Swiss gold industry and for international market confidence. The association awaits confirmation from the relevant U.S. authorities to ensure that the announced measure is formally implemented and that the long-standing trade relationship between Switzerland and the United States in the gold sector can resume safely for all parties.

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Adapted from German by DeepL/ac

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