Trump Exempts Gold From Tariffs After Customs Confusion Rattles Markets

JOHANNESBURG — August 2024

US President Donald Trump announced on Monday that gold imports will avoid new tariffs, calming markets after a surprise customs ruling created uncertainty about duties on gold bars.

This clarification followed a letter from US customs authorities stating gold bars weighing one kilogram and 100 ounces (2.8kg) would be subject to tariffs. (US customs letter)

Trump declared on his Truth Social platform: “Gold will not be Tariffed!” without providing details. (Truth Social post)

Last week’s customs letter, dated 31 July and first reported by the Financial Times, sent US gold futures to record highs. (Financial Times)

A White House official told AFP the administration would “issue an executive order shortly clarifying misinformation about the tariffing of gold bars and other specialty products.” (White House official via AFP)

Gold for December delivery hit a record peak on Comex, the world’s largest futures market, on Friday. (market data)

Traders expressed concern about whether gold would qualify for exemptions from the “reciprocal” tariffs impacting Swiss imports, which face duties up to 39%. (industry sources)

The Financial Times reported one-kilo bars—Switzerland’s main bullion export to the US and the most traded on Comex—were central to the confusion. (Financial Times)

The customs ruling surprised industry experts who expected gold bars to fall under a tariff-exempt category. (customs policy analysts)

Seen as a safe-haven investment, gold has already set records in 2024 amid tariff uncertainties and geopolitical tensions. (market analysis)

Editor’s note: Publication timeframe estimated from event chronology in source material.