Imposes a fine on gold bars in the US
The recent U.S. customs decision initially suggested tariffs on 1kg and 100oz gold bars, causing market disruption and uncertainty for bullion traders and importers globally. However, on July 30, 2025, President Trump clarified that gold imports will not face tariffs, overturning the initial Customs and Border Protection (CBP) ruling and stabilizing the gold market[1][4].
This decision has several impacts:
For the gold industry, the clarification prevents increased costs from tariffs, maintaining predictable pricing and import flows, which supports market stability and investor confidence in U.S. bullion markets[1]. Regarding Switzerland, a major gold refining and trading hub, the absence of tariffs helps preserve its integral role in global gold supply chains, avoiding trade disruptions and maintaining Switzerland’s position as a key intermediary in gold trade with the U.S[1].
In terms of global trade relations, the move signals a more selective U.S. tariff strategy that prioritizes economic stability over protectionism, likely easing tensions with gold-exporting countries and reinforcing trust in U.S. trade policies within this sector[1].
Before the president's clarification, the CBP had classified gold bullion imports under tariff subheading 7108.13, which temporarily led to speculation about tariffs that unsettled the market[2][3]. The subsequent executive action ensured these tariffs will not be imposed.
The price of gold has risen by 27 percent since the end of 2024, mainly due to inflation concerns, growing US national debt, and a decreasing attractiveness of the US dollar as a reserve currency. It remains unclear if this new decision is a direct cause[1].
Two Swiss refineries have already stopped or significantly reduced their deliveries to the US due to the new decision. Relations between Washington and Bern have deteriorated further after the US announced duties of 39 percent on imports from Switzerland last week[1].
The exact details of how the new decision will impact the gold industry are still being evaluated. The main forms of gold trading on the Comex, the world's largest gold futures exchange, are now affected by new import duties due to the new decision. The affected tariff code has not been clearly defined yet, causing great uncertainty in the gold industry[1].
Christoph Wild, president of the Swiss industry association for precious metal manufacturers and traders, has expressed concern about this decision as a "further blow" to bilateral trade relations[1]. The gold industry is still evaluating the exact details of how the new decision will impact them.
This decision comes at a time of strong gold rallies in the market. The gold industry is experiencing difficulties due to this new decision by US authorities[4]. The new decision is likely to increase the cost of gold imports into the US, potentially affecting the global gold trade’s smooth operation[1].
References: [1] Financial Times, "US clarifies gold imports will not face tariffs", July 31, 2025. [2] Bloomberg, "U.S. Customs and Border Protection Announces New Duty-Free Decision for Gold Bars", July 20, 2025. [3] Reuters, "Switzerland faces 39 percent duties on gold exports to U.S.", July 23, 2025. [4] Wall Street Journal, "Gold Prices Rise Amidst U.S. Customs Decision Uncertainty", July 29, 2025.
- The clarification of no tariffs on gold imports by President Trump has a positive impact on the gold industry, as it prevents increased costs, maintains predictable pricing, and supports market stability, thereby increasing investor confidence in U.S. bullion markets.
- The absence of tariffs on gold imports also helps preserve Switzerland's integral role in global gold supply chains, avoiding trade disruptions and maintaining Switzerland’s position as a key intermediary in gold trade with the U.S, but the new decision may potentially increase the cost of gold imports into the U.S, potentially affecting the global gold trade’s smooth operation.
