Trump makes clear: No taxes imposed on gold imports - Trump unequivocally announces: gold imports will remain tariff-free
In a recent development, the Trump administration announced a 39% tariff on imported gold bars weighing 100 ounces or more, affecting large gold bar imports[1]. This move, announced on August 8, 2025, has notably impacted global markets, with US gold futures reaching record highs immediately after the announcement[1].
The tariff, if implemented, would have a significant impact on gold imports, particularly from Switzerland, a major global hub for gold refining and bar production. The reasons behind this tariff include generating substantial revenue and specifically targeting Switzerland, potentially as a response to trade tensions with Switzerland[1].
Interestingly, one-kilogram gold bars, which are the most commonly traded size on the New York commodities exchange Comex, may not be directly targeted by this tariff[1]. This is because the tariff applies to bars of 100 ounces or more, which is approximately 2.8 kilograms.
It is worth noting that the Customs Border Protection Agency (CBP) had issued a notice about potential new tariffs on certain gold products, citing a Ruling Letter dated July 31[1]. However, a few days after the initial report by the Financial Times, US President Donald Trump denied the imposition of tariffs on gold imports[1].
In Switzerland, sizes common in London are often recast into those common in New York. Therefore, the tariff could potentially impact Swiss gold exports to the US, as one-kilogram bars make up a significant portion of Swiss gold exports[1].
The reported tariffs have been said to have driven up the gold price, but the denial by President Trump has brought a degree of uncertainty to the market. Regardless, the decision aligns with his administration’s broader trade policy approach focused on tariffs and reducing reliance on foreign supply chains, particularly targeting Swiss dominance in gold refining[1].
[1] Source: The Financial Times, various articles dated August 2025.
- The tariff, if implemented, could potentially disrupt cooperation in the gold business between the EC countries and Switzerland, as well as with other Central and Eastern European countries that export gold to the US.
- In light of the tariff controversy and uncertainty, foreign investors might seek opportunities to finance or invest in real-estate or other sectors in Central and Eastern European countries, as an alternative to the gold market.
