US hits gold bars with tariffs in blow to Switzerland, FT says
The US government has placed tariffs on imports of one-kilogram gold bars, threatening to shake up the bullion market and dealing a blow to Swiss trade, the Financial Times has reported.
The industry had expected gold bars to be classified under customs codes exempt from President Donald Trump’s country tariffs. However, Customs Border Protection has placed one-kilo and 100-oz gold bars under a code that is subject to the levies, the newspaper reported, citing a ruling letter dated July 31.
One-kilo bars are the most common form traded on Comex, the world’s largest gold futures market, and comprise the bulk of Switzerland’s bullion exports to the US, the FT said.
The news drove a spike in the premium for gold futures in New York over the spot price as markets opened in Asia on Friday. Contracts for December delivery jumped to more than $100/oz above the global benchmark for spot prices in London.
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