The move could hit Switzerland, the world’s largest refining hub, and disrupt the global bullion market, analysts warn
The US has imposed tariffs on imports of gold bars, according to media reports on Friday, citing a notice from Customs and Border Protection (CBP). Analysts say the decision could harm Switzerland’s gold refining sector and shake up the global bullion market.
According to the Financial Times, which first broke the story, CBP stated in a July 31 ruling letter that 1kg and 100-ounce gold bars – the most commonly traded formats – should fall under a customs code subject to tariffs.
The reported move brings gold bars under US President Donald Trump’s new tariffs, which target dozens of trade partners, including Switzerland.
Trump imposed a 39% tariff on Swiss goods last Friday after rejecting Bern’s offer of a 10% tariff in exchange for $150 billion in US-bound investment.
When the tariff campaign began in April, some commodities – including certain bullion types – were exempt. The CBP ruling, issued in response to a Swiss refinery’s request, said 1kg and 100-ounce bars are considered “semi-manufactured” goods rather than “unwrought, nonmonetary gold,” the only exempt category.
Switzerland is the world’s largest gold refining hub, and bullion is one of its biggest exports to the US.
Traders told Bloomberg it’s unclear whether the tariffs are already in effect. Some said CBP may have erred, calling the decision “shocking” and likely to face legal challenges.
“We never ever thought that [gold bars] would be hit by a tariff,” Robert Gottlieb, a former JPMorgan Chase metals trader, said.
Christoph Wild, the president of the Swiss Association of Manufacturers and Traders of Precious Metals, told FT the ruling “deals a blow” to Swiss-US gold trade, saying the widespread belief had been that “remelted bullion was tariff-free.”
Experts say the fallout could disrupt the global bullion market.
Gold is often used as a safe store of value during times of political and financial uncertainty. It has seen a historic rally this year, rising 27% since the end of 2024. Following the FT report, gold futures in New York hit an all-time high, with December contracts climbing to $3,534 on Friday morning.
