Trump Clarifies No New Tariffs on Gold Imports

US President Donald Trump confirmed that gold imports will not be subject to new tariffs, addressing confusion sparked by a customs letter suggesting possible duties on standard gold bars. Trump’s statement on Truth Social reassured markets after gold futures surged to record highs. The clarification followed a Financial Times report on the customs letter, which raised fears of disrupted global trade.

The letter, dated July 31, indicated that one-kilo and 100-ounce gold bars might face tariffs under Trump’s ’reciprocal’ trade policies. Switzerland, a key exporter of bullion to the US, faced a potential 39% levy, threatening the flow of gold trade. Investors flocked to gold as a safe haven, driving prices upward amid geopolitical and economic uncertainty.

A White House official announced plans for an executive order to clarify the misinformation, aiming to stabilize the market. Gold’s status as a safe-haven asset was reinforced as prices soared, reflecting broader concerns over trade tensions and global instability.

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