Trump Says Gold Won’t Be Tariffed, after Market Goes Wild
The comments below are an edited and abridged synopsis of an article by Rob Bates, JCK
Gold Tariff Policy in the US
On Monday, August 11, President Donald Trump declared on Truth Social that “Gold will not be Tariffed!” without offering further explanation. His statement appeared to be a reaction to a July 31 letter from a US Customs and Border Protection (CBP) official to a Swiss refiner, indicating that certain gold bars might face a 39% import tariff from Switzerland. The CBP’s letter caused gold futures to surge to record highs and created uncertainty in the gold market, prompting the administration to walk back the position.
A White House official later clarified that an executive order would soon be issued to address “misinformation” about the tariffing of gold bars and other specialty products. However, Trump’s remarks are unlikely to affect gold jewellery from India, which is currently subject to a 25% tariff—set to increase to 50% on August 27.
Sara Yood, president and CEO of the Jewelers Vigilance Committee, explained that only one category of gold—classified under HTS code 7108.1210 as “gold, nonmonetary, bullion, and dore”—is exempt from tariffs under Annex II of the April executive order. A Swiss company sought a Customs ruling on whether its gold bars fit this category. On July 31, Customs determined they did not, making them subject to tariffs. While Trump’s Gold tariff policy in the US statement suggested an exemption might follow, Yood believes the administration may simply add the relevant HTS code for these bars to the exemption list rather than lifting tariffs on all gold products. She emphasised that only a formal executive order or official government action will confirm the change.
Industry representatives are also calling for clarity. Christoph Wild, president of the Swiss Association of Manufacturers and Traders in Precious Metals (ASFCMP), welcomed Trump’s words as a positive sign for trade stability but stressed that the gold sector needs a binding decision for certainty. The World Gold Council echoed these sentiments, noting that the week’s developments had created confusion about the implications of tariffs on US gold access, and that they await official confirmation.
Some in the industry remain unconcerned. Torry Hoover, president of US-based refiner Hoover & Strong, said tariffs on gold bullion would not impact his business as it does not import gold bars. In fact, he noted the trade war had been beneficial for his operations. The only potential downside of the Gold tariff policy in the US, he said, would be if tariffs drove fine gold prices even higher. Hoover argued that jewellery manufacturers are not the main buyers of Credit Suisse bars; rather, banks—shifting from the US dollar to gold—have been driving prices upward.
As of August 12, gold was trading at $3,350 per ounce, reflecting strong demand and continued market sensitivity to trade and tariff announcements. The ultimate impact of the Gold tariff policy in the US will depend on the forthcoming executive order and its specific exemptions.
