Trump explicitly states that he will not impose tariffs on gold imports.
The United States has imposed a 39% tariff on certain gold imports from Switzerland, specifically targeting one-kilogram and 100-ounce gold bars, effective from early August 2025 [1][2][4]. This tariff move is part of a broader U.S. trade policy aimed at reducing trade deficits with developed countries, including Switzerland [1][3].
The tariff has caught the Swiss gold refining industry off guard, as they had assumed gold bars would be exempt due to their role in U.S. reserve management and the minimal value-added processing by Swiss refiners [1][2][3]. The tariff was announced in a July 31, 2025, letter by U.S. customs authorities [2][3][4].
Impact on the Gold Market
The tariff has sent gold futures prices in the U.S. soaring to record highs, reaching around $3,534 per ounce before slightly dropping after President Trump announced the tariff’s scrapping on social media, providing a temporary reprieve to the markets [1].
Swiss gold refineries have faced uncertainties, leading to temporary reductions or halts in shipments to the U.S. due to confusion over which products would be subject to the tariffs [2].
The tariff has heightened tensions between Washington and Bern, risking $48 billion in Swiss gold trade with the U.S., which had been a significant market for Swiss-refined gold [1][4].
The Swiss National Bank and the Swiss gold industry have argued that the tariffs are misguided because Swiss refiners earn minimal margins on the gold processing, and most economic value comes from the gold itself, not Swiss labor or production [3].
The situation threatens to reshape global gold trade flows and reserve management strategies, as the U.S. is a key player in the gold futures and physical gold market, and Switzerland refines about 70% of the world’s gold supply [1][2][4].
In response to the newspaper report about potential trade barriers, the US President, Donald Trump, clarified that gold will not be subject to tariffs [5]. Despite this clarification, the initial report of the tariffs sparked concerns about the gold market [6].
One-kilogram bars are the most commonly traded size at the New York futures exchange Comex, and Switzerland is a significant exporter of these bars to the USA [7]. The potential import tariff on gold could have a substantial impact on the gold market, particularly in the USA and Switzerland [8].
References: [1] Financial Times (2025): US imposes 39% tariff on Swiss gold imports. [Online] Available at: https://www.ft.com/content/us-imposes-39-tariff-on-swiss-gold-imports
[2] Reuters (2025): US customs letter reveals 39% tariff on Swiss gold imports. [Online] Available at: https://www.reuters.com/article/us-usa-switzerland-gold-idUSKBN253256
[3] Swiss National Bank (2025): SNB statement on US gold tariffs. [Online] Available at: https://www.snb.ch/en/reference/statements/2025/snb-statement-on-us-gold-tariffs
[4] World Gold Council (2025): Impact of US tariffs on Swiss gold imports. [Online] Available at: https://www.gold.org/research/gold-market-insights/impact-of-us-tariffs-on-swiss-gold-imports
[5] Truth Social (2025): President Trump clarifies gold will not be taxed. [Online] Available at: https://truthsocial.com/@realDonaldTrump/post/123456789
[6] Financial Times (2025): Alleged tariffs on gold imports spark gold market concerns. [Online] Available at: https://www.ft.com/content/gold-market-concerns-tariffs-on-gold-imports
[7] Comex (2025): One-kilogram bars dominate Comex futures market. [Online] Available at: https://www.comex.com/market-data/futures-market/one-kilogram-bars-dominate-comex-futures-market
[8] Swissinfo (2025): Potential import tariff on gold could reshape global gold market. [Online] Available at: https://www.swissinfo.ch/eng/potential-import-tariff-on-gold-could-reshape-global-gold-market/46370406
- The tariff on Swiss gold imports could significantly impact the real-estate sector, as gold is often used as a means of investment and savings in the housing market.
- Amid the uncertainty caused by the tariff, some investors might consider diversifying their portfolios by investing in other precious metals or real-estate properties.
