The United States has introduced tariffs on imports of gold bars, a move analysts warn could destabilize Switzerland’s refining industry and send shockwaves through global bullion markets. According to a U.S. Customs and Border Protection (CBP) notice reported by media outlets on Friday, widely traded 1kg and 100-ounce gold bars are now classified as “semi-manufactured” goods, subjecting them to duties under President Donald Trump’s expanded trade measures.
The Financial Times first revealed the July 31 CBP ruling, which overturns a prior exemption for gold categorized as “unwrought, nonmonetary.” This reclassification places the bars under Trump’s tariff campaign, originally launched in April, that targets multiple trade partners—including Switzerland. Last week, the U.S. imposed a 39% tariff on Swiss goods after Bern’s proposed 10% duty in exchange for $150 billion in U.S. investments was rebuffed.
Switzerland, responsible for refining two-thirds of the world’s gold, heavily relies on bullion exports to the U.S. Market participants expressed confusion over the tariff’s immediate enforcement, with some traders suggesting the CBP may have misapplied trade rules. “We never ever thought gold bars would be hit by a tariff,” said Robert Gottlieb, a former JPMorgan Chase metals trader, calling the decision “shocking.” Christoph Wild of the Swiss Association of Manufacturers and Traders of Precious Metals described the move as a major setback, noting industry expectations that “remelted bullion was tariff-free.”
The tariffs arrive amid gold’s historic rally, with prices surging 27% since late 2024 as investors seek stability during economic uncertainty. Following the FT’s report, New York gold futures for December delivery reached an unprecedented $3,534 per ounce. Analysts predict disruptions in global bullion flows, particularly affecting Swiss refiners who may face increased costs or seek alternative markets. Legal challenges against the CBP ruling are anticipated, though no official appeals have been confirmed.
The decision underscores escalating U.S. trade pressures under Trump, echoing recent measures that erased $12 billion from automakers’ valuations, as reported by the Wall Street Journal. With Switzerland’s refining sector at risk and traders scrambling for clarity, the long-term implications for gold-market dynamics remain uncertain.
