U.S. President Donald Trump is expected to issue an executive order to clarify the country’s stance on tariffs for gold bullion, following reports that popular gold bar formats would be subject to import duties.
On August 8, a White House official stated: “The White House intends to issue an executive order in the near future to clarify misinformation regarding gold bullion tariffs and certain other special products.”
This comes after the U.S. Customs and Border Protection (CBP) on August 7 issued a ruling classifying 1 kg and 100-ounce gold bars under a taxable customs code. The decision directly contradicts the White House’s April announcement that gold bullion would be exempt from tariffs.
Following the Financial Times report on the White House’s clarification plan, December gold futures fell 1% to USD 3,460/oz on August 8. Prior to that, gold prices had surged to record highs on news that the U.S. would impose tariffs on 1 kg and 100-ounce bullion — two of the most widely traded formats in the global precious metals market.
The London Bullion Market Association (LBMA), representing major gold traders and banks, said it was actively engaging with U.S. authorities to clarify the matter.
The U.S. Comex exchange — the world’s largest financial gold bullion market — relies on unrestricted access to London’s physical gold market. Any tariff barriers could disrupt this system, according to market participants.
Some industry insiders suspect that CBP’s ruling — reportedly issued in response to a query from a Swiss refinery — may have been the result of a classification error.
Switzerland, the world’s largest gold refining hub, is expected to be particularly hard hit if the tariff decision remains in place.
The Swiss Precious Metals Producers and Traders Association warned that the new tariff ruling could negatively affect the flow of physical gold worldwide.
Global gold trade typically centers around three key points:
Large bullion shipments moving between London and New York,
Transit through Switzerland for refining and resizing,
Adjusting bar sizes to meet market-specific standards.
The two major gold trading hubs also use different bullion standards:
London favors 400-troy-ounce bars (brick-like size).
New York prefers 1 kg bars (smartphone-sized).
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