US imposes tariffs on one-kilo and 100-ounce gold bars after customs ruling
US ruling confirms Swiss gold bars face Trumps tariffs, contradicting industry expectations and impacting major Swiss exports. - BERNAMA/Filepic
WASHINGTON: The United States has imposed tariffs on one-kilo and 100-ounce gold bars after the Customs and Border Protection (CBP) ruled in a July 31 letter that they fall under a tariff-eligible customs code, reported Sputnik/RIA Novosti quoting a Financial Times report, citing the letter on Thursday.
AI Brief
- Washington clarified that Swiss one-kilo gold bars are subject to Trump's tariffs, reversing earlier industry assumptions.
- These bars are the main form traded on Comex and make up most of Switzerland's gold exports to the US.
- The ruling may significantly affect Swiss gold trade, which had expected exemption under a different customs classification.
The newspaper went on to say that the CBP's ruling contradicts the industry's earlier belief that these gold bars would fall under a different customs code, which would exempt them from US President Donald Trump's tariffs.
One-kilo bars, the main form traded on Comex, make up most of Switzerland's gold exports to the United States, according to the report.
--BERNAMA-SPUTNIK/RIA NOVOSTI
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