US President Donald Trump has confirmed that no tariffs will apply to imported gold. This announcement follows recent confusion in financial markets about possible duties on gold bars.
In the last week, the US Customs Bureau said that 100-ounce (approximately 2.8 kg) or one-kilogram gold bars may be tariffed. Meanwhile, a White House spokesperson said President Trump could issue an executive order to remove uncertainty. All these mixed signals created uncertainty and drove gold prices to an all-time high.
Following Trump's post on Truth Social that gold imports will not be subject to tariffs, the price of gold fell by $50 per ounce. But before this, Trump had imposed a 39% tariff on Swiss imports of gold. No one is sure if this will be extended to other countries, including Switzerland.
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