US imposes tariffs on one-kilo and 100-ounce gold bars after customs ruling

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.

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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 explained that Washington issues ruling letters to provide official clarification on aspects of its trade policy.

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