The US has put tariffs on imports of one-kilogram gold bars, according to the Financial Times, threatening more turmoil in the global bullion market and dealing a fresh trade blow to the precious metals hub of Switzerland.
The move, which the FT said was detailed in a July 31 ruling from the US Customs and Border Protection agency, is the latest surprise from US President Donald Trump’s campaign to reshape global trade.
Gold futures in New York surged to a record high. Bullion traders had expected gold bars of one kilogram or 100 ounces to be exempt from Trump’s other tariffs, including the shock 39% country rate he put on Switzerland.
But the CBP decision instead placed those items under customs codes that are subject to levies, according to the FT, which cited a letter that laid out the ruling.
Bloomberg News has not seen the letter and couldn’t immediately confirm the details.
Traders and analysts are scrambling to understand the situation — whether the tariffs are already in force, if they apply to all countries, or even how they might be avoided.
