An worker handles one kilogram gold bullions on the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023.
Chalinee Thirasupa | Bloomberg | Getty Images
President Donald Trump stated Monday that gold will not face tariffs, flattening a ruling by U.S. customs officers that bars of the dear metallic imported from Switzerland would face duties.
“Gold will not be Tariffed!” Trump stated in a Truth Social post. Gold futures closed 2.48% decrease at $3,404.70 per ounce after the announcement.
The treasured metallic hit a file excessive Friday, after U.S. Customs and Border Protection dominated that 1 kilogram and 100 ounce gold forged bars from Switzerland had been topic to Trump’s 39% tariffs towards the nation.
Gold bars of this kind are used to again contracts on The Commodity Exchange or COMEX, the principle futures marketplace for gold, silver and different metals.
The ruling would have utilized not simply to Switzerland however to any nation exporting all these gold bars to the U.S., based on the Swiss Precious Metal Association. In different phrases, gold bars would have been topic to the prevailing U.S. tariff charge towards the nation of origin.
The Swiss Precious Metal Association warned Friday that the customs ruling “may negatively impact the international flow of physical gold.”
Trump imposed what he has referred to as reciprocal tariffs towards dozens of U.S. commerce companions on Aug. 7.