According to Financial Times, the United States has confirmed it will continue imposing retaliatory tariffs on 1 kg and 100-ounce gold bars imported from Switzerland. This decision is expected to trigger notable disruptions in the global gold market while putting significant pressure on Switzerland’s refining industry — recognized as the world’s largest hub for gold processing.
The US Customs and Border Protection (CBP) announced that a 39% tariff will be applied under a decision issued on July 31. This move runs counter to industry expectations that this type of gold bar would be exempt from the duty.
The 1 kg gold bar is the most traded standard on Comex — the world’s largest gold futures exchange — and represents a substantial portion of Switzerland’s gold exports to the US. Tensions between the two nations have already escalated after the US imposed a 39% tariff on various Swiss imports last week, with gold being one of Switzerland’s key export items.
“This is another heavy blow to gold trade between Switzerland and the US,” said Christoph Wild, Chairman of the Swiss Precious Metals Association, noting that the new tariff will make meeting US demand far more challenging.
Earlier this year, when talk of tariffs first emerged, traders rushed to ship gold into the US ahead of the implementation date. This stockpiling created record inventories on Comex and temporarily drained supplies from the London market.
Typically, large gold bars are shipped between London and New York, passing through Switzerland to be recast into market-specific sizes. While London uses the 400-troy-ounce bar (similar in size to a brick), the New York market favors the smaller, smartphone-sized 1 kg bar.
Gold prices have soared 27% since the end of 2024, briefly touching $3,500 per ounce, fueled by inflation concerns, rising US debt, and a weaker dollar. Over the 12 months ending in June 2025, Switzerland exported approximately $61.5 billion worth of gold to the US. With the 39% tariff in place, the additional tax burden could reach $24 billion.
Wild explained that many assumed gold refined in Switzerland could enter the US tax-free, but in reality, product classification codes are not always clear-cut. This has forced Swiss refineries to spend months working with legal advisors to determine which gold products qualify for exemptions. At least two major refineries have already reduced or suspended exports to the US due to ongoing uncertainty.
The US decision to uphold high tariffs on Swiss gold will not only reshape bilateral trade flows but could also alter the structure of global gold movement. With prices hovering at historic highs, this policy shift may prompt businesses to seek alternative supply sources and markets, adding yet another layer of volatility to the global financial landscape.
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