Duties in the imports of bars gold of a kilo, they imposed the USAaccording to the Financial Times, threatening further turmoil in the global gold market and causing a new commercial blow to the center of precious Swiss metals.
This move, which according to FT is described in detail in a July 31 decision of the US Customs Service and border protection, is the last surprise by US President Donald Trump’s campaign to restructure world trade. Future gold contracts in New York have risen to historically high levels.
Gold traders expected that one kilo or 100 ounce rods would be excluded from the other Trump duties, including the shocking rate of 39% imposed on Switzerland. However, the CBP decision ranked these products in customs codes subject to duties, according to FT, which cited a letter describing the decision.
Traders and analysts are trying to understand the situation – if the duties have already come into force, if they apply to all countries or even how they could be avoided.
“Gold moves between central banks and stocks around the world,” said Robert Gottlieb, a former JPMorgan metal and chief executive, referring to the rods. “We never thought it would be charged with a duty.”
The Trump government has caused many turmoil, as it creates a complex mosaic of different American import duties imposed for a variety of reasons and with different rates.
Last month, future copper contracts in the US collapsed, as the White House unexpectedly excludes the refined metal – the most marketable product – 50%.
Two major goldsmiths in Asia have suspended missions to the US until there is more clarity on tariffs.
One kilo’s gold bars are the most common form to negotiate in Comex, the largest market for gold future fulfillment in the world, and are the majority of Switzerland’s gold exports to the US, according to the FT. The tax will add problems to Swiss President Karin Keller-Sutter, after Trump imposed the highest duty between developed countries on Switzerland.
The Republican made an urgent visit to Washington yesterday (7.8.2025) with the aim of affecting the White House, but left with empty hands after a meeting with Trump.