Trump says gold ‘will not be tariffed’ after customs confusion
US president’s statement follows a letter from US customs authorities suggesting that gold bars of certain weights should be subject to new duties
US President Donald Trump said on Monday that gold imports will not face additional tariffs, days after confusion flared on whether recent rises applied to certain gold bars – threatening to upend global trade of the precious metal.
Trump’s comments came after US customs authorities made public a letter saying that gold bars at two standard weights – 1kg and 100 ounces (2.8kg) – should be classified as subject to duties.
The letter, which was made public last week and dated July 31, was first reported on by the Financial Times, sending the price of gold on the US futures market to a record high.
But a White House official said on Friday that the Trump administration plans to “issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other speciality products”.
On Friday, gold for December delivery hit a record high on the Comex, the world’s biggest futures market.