The Trump administration intends to issue an executive order in the near future to clarify what it called misinformation about the tariffing of gold and other specialty products, a White House official told Bloomberg in a statement.
The confusion began last week after the US Customs and Border Protection (CBP) posted a ruling on its website stating that 1-kilogram and 100-ounce gold bars are subject to so-called reciprocal tariffs. The ruling came in response to a request from a Swiss refiner seeking clarification on these duties.
Such a directive would bring sweeping implications for bullion around the world and could have disrupted the functioning of the US futures contract.
Gold has a unique role as a financial asset and global currency, making it different from copper, steel and aluminum — other metals that have been hit by Trump’s tariffs.
The forthcoming presidential decree should clarify the situation and confirm the exemption for gold bars imports.
Reproduction, in whole or in part, is authorized as long as it includes all the text hyperlinks and a link back to the original source.
The information contained in this article is for information purposes only and does not constitute investment advice or a recommendation to buy or sell.
