Trump says U.S. will not impose tariffs on gold imports

The United States will not impose tariffs on imported gold, President Donald Trump said on Monday, reversing an earlier customs decision that had sparked concerns over global bullion markets.

“Gold will not be subject to tariffs,” Trump wrote on the Truth Social platform.

Last week, U.S. Customs and Border Protection said gold bars weighing 1 kg and 100 ounces (2.8 kg) should be classified under a tariff code subject to import duties. The Financial Times reported the move could hit Switzerland, the world’s largest gold refining hub, and “upend the global market.”

Following the customs notice, December gold futures hit an all-time high of $3,534.10 per troy ounce.