A letter from Customs and Border Protection dated July 31 that CNN saw states that reciprocal charges apply to imports of one kilogram and 100-ounce gold bars. Wall Street traders were confused by the announcement since they had assumed that bullion would be duty-free.
A tariff on gold would make it more expensive to import the metal into the US, which would put a costly snag in a worldwide supply chain that connects cities like Switzerland, New York, and London. On Friday afternoon, the White House referred to possible gold tariffs as “misinformation” and promised to provide clarification.
A White House official told CNN on Friday afternoon that the administration plans to release an executive order soon to correct misunderstandings over the tariffing of gold bars and other specialized goods.
By Friday afternoon, New York’s gold prices, which had risen 1%, had trimmed their gains and were up only 0.2%. A 39% duty on Swiss goods, one of the highest rates, was imposed on Thursday as part of President Donald Trump’s tariff campaign.
The CBP letter on July 31 made it clear that reciprocal duties apply to gold bars imported from Switzerland. The decision was initially published by the Financial Times. The market, which had hoped to avoid the administrative burden of import charges, was taken aback by the announcement of a possible tariff.
Also Read:
In Texas, a Deadly Measles Outbreak Does little to Dispel Vaccine Skepticism
