US hits one-kilo gold bars with tariffs in blow to refining hub Switzerland7 Aug 2025 22:09
Https://www.ft.com/content/78be1315-608d-43c6-b8e7-80b9e18c5ce7
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https://archive.ph/NAf40
The US has slapped tariffs on imports of one-kilo gold bars, in a move that threatens to upend the global bullion market and deal a fresh blow to Switzerland, the world’s largest refining hub.
The Customs Border Protection agency said one-kilo and 100 ounce gold bars should be classified under a customs code subject to levies, according to a so-called ruling letter dated July 31, which was seen by the Financial Times. Ruling letters are used by the US to clarify its trade policy.
The CBP’s decision stands in sharp contrast with the industry’s previous expectations that these types of gold bars should be classified using a different customs code that is exempt from Trump’s countrywide tariffs.
One-kilo bars are the most common form traded on Comex, the world’s largest gold futures market, and comprise the bulk of Switzerland’s bullion exports to the US.
Relations between Washington and Bern have deteriorated after the US last week announced a 39 per cent tariff on imports from the country. Gold is one of Switzerland’s biggest exports to the US, customs data shows.
The tariff ruling dealt “another blow” to the Swiss gold trade with the US, said Christoph Wild, president of the Swiss Association of Manufacturers and Traders of Precious Metals. Wild added that the gold tariff would make it difficult to meet its demand for the yellow metal.
Earlier this year traders rushed to bring gold into the US ahead of Trump’s “liberation day” tariffs — building up a record stockpile on Comex, and leading to a temporary shortage of gold in London.
However, when those tariffs were announced, they included exemptions for many commodities including a certain classification of bullion which was widely interpreted to cover large gold bars.
The global trade flow for bullion is normally triangular: large gold bars travel between London and New York, via Switzerland, where they are recast into different sizes.
The two markets use different-sized bars, with London using a 400 troy ounce bar, which is about the size of a brick, while the kilo bar, roughly the size of a smartphone, is preferred in New York.
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