Trump explicitly states: No tariffs applied to gold imports
In the global gold market, Switzerland plays a significant role as a major gold refining hub, with much of its gold exports being refined bullion. As of mid-2025, the United States typically imposes minimal or no specific tariffs on raw gold bullion imports due to its classification under tariff headings with low or zero duty rates. However, duties or tariffs might apply to processed gold products or jewelry.
The lack of substantial tariffs on bullion means that tariffs have had limited direct impact on Swiss gold exports to the United States. The potential tariff on gold imports, as suggested by the Financial Times in a report dated July 31, could have led to a need for adjustments in the Swiss gold industry to meet US standards.
The Financial Times also reported about alleged new tariffs on certain gold imports from abroad. The statement from the Customs Border Protection Agency (CBP) was used to clarify trade policy by the customs authority. The potential tariff on gold imports could have significantly impacted Swiss gold exports to the US, particularly since a large portion of these exports consist of one-kilogram gold bars.
Interestingly, one-kilogram gold bars are the most commonly traded size on the New York Comex exchange, while in Switzerland, they are often recast into sizes common in New York. This difference in common sizes between Switzerland and the US has been a common occurrence.
The potential tariff on gold imports could have disrupted the usual pattern of gold exports from Switzerland to the US. However, as of now, no significant U.S. tariffs on gold bullion imports are currently in place.
It's worth noting that US President Donald Trump has ruled out possible trade barriers on gold imports, stating on his Truth Social platform that "Gold will not be taxed!" This statement adds another layer of complexity to the potential impact of tariffs on Swiss gold exports to the US.
The Financial Times article also suggested that the new tariffs could drive up the gold price. While the exact implications of these potential tariffs are yet to be seen, it's clear that they could have a ripple effect in the global gold market, potentially affecting the London market as well.
For the most precise and updated tariff rates, consulting the U.S. Harmonized Tariff Schedule (HTS) or U.S. Customs and Border Protection would be necessary.
The potential tariff on gold imports, as suggested by the Financial Times, could necessitate adjustments in the Swiss gold industry to meet US standards, given that a significant portion of Swiss gold exports consist of one-kilogram gold bars. The lack of substantial tariffs on bullion in the United States, however, means that tariffs have had limited direct impact on Swiss gold exports to the US.
