Trump Says No Tariffs on Gold Following CBP Ruling Suggesting Otherwise
U.S. tariffs won't apply to gold, President Donald Trump said in an Aug. 11 Truth Social post, despite a July 31 CBP ruling that found that gold bars are subject to reciprocal tariffs if they have been processed (see 2508080017).
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"Gold will not be Tariffed!" Trump posted. The post didn't provide any additional details, although a White House official told International Trade Today separately that the White House "intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products."
Trump's statement follows confusion in the financial markets over whether 1 kg and 100 oz imported gold cast bars would face reciprocal tariffs, such as a 39% duty on goods imported from Switzerland. That's because some gold bars are used primarily to back contracts on the Commodity Exchange (COMEX), in addition to being sold for jewelry production.
While gold imported under subheading 7108.12.10 for "Gold, nonmonetary, bullion and dore" qualifies for a tariff exemption under Annex II of the White House's April 5 executive order setting reciprocal tariffs, the July 31 CBP ruling for gold bars classified under subheading 7108.13.5500 doesn't. This subheading is for gold, including gold-plated with platinum unwrought or in semi-manufactured forms or in powder form, including gold in rectangular shapes.
“We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland,” Christoph Wild, president of the Swiss Precious Metals Manufacturers and Traders Association, said in an Aug. 8 release. The group said it is working with Swiss authorities, the London Bullion Market Association, the World Gold Council and key U.S. entities on how to respond in this situation, noting that while the U.S. market is "significant for the Swiss precious metals industry," the Swiss industry also is active worldwide and "not dependent on that single market."