U.S. import taxes causing troubles for the Swiss gold refining industry
In a significant move for the global gold market, President Donald Trump has officially exempted gold bars from tariffs under the trade policy framework, following an earlier confusion and preliminary U.S. Customs rulings.
The initial ruling by U.S. Customs and Border Patrol suggested that gold bars, particularly one-kilogram and 100-ounce bars imported mainly from Switzerland, would face duties. This decision caused volatility and a record price spike in gold futures.
However, the Trump administration quickly moved to address this issue. Plans were announced to issue an executive order clarifying that gold bars and associated products would be exempt from tariffs.
On August 11-12, 2025, President Trump publicly affirmed on social media that gold would be exempt from tariffs, effectively overruling the customs decision. This exemption covers physical gold bars specifically, distinguishing them from other goods subject to tariffs ranging up to 39% on imports from countries like Switzerland, a major gold exporter.
This gold tariff exemption mitigates potential price spikes caused by tariffs on imported bullion, which otherwise could have increased costs for buyers and disrupted precious metal markets. As a result, the current status is that no tariffs are imposed on imported gold bars under the existing U.S. customs regime following President Trump’s executive declaration.
Switzerland, a leading player in the global gold market, has been significantly impacted by this decision. In 2023, the country accounted for 34 percent of the total refined gold worldwide. Swiss gold exports to the United States soared to 11 billion Swiss francs in 2024, nearly doubling from the previous year. Nearly all of the gold exports to the United States in the first quarter of 2025 were worth 37.6 billion francs.
However, the surge in gold exports saw a sharp decline in the second quarter of 2025, with Swiss gold exports to the United States plummeting to roughly 1.6 billion francs. This decline can be attributed to the higher "reciprocal" rates that took effect on dozens of economies on Thursday, which may have affected other goods but not gold.
Switzerland is home to four of the world's largest gold refineries, with the largest being Valcambi in Balerna. The Swiss precious metals sector provides 1,500 direct jobs and 1,000 indirect jobs.
Despite efforts by Swiss officials to seek a deal similar to the European Union, they returned empty-handed. The Swiss President, Karin Keller-Sutter, disagreed with the high tariff imposed by the Trump administration, stating that the rise in gold exports in 2024 led to the increase in the trade deficit.
It's important to note that gold bars produced in Antwerp, Belgium face a 15-percent US tariff applied to EU goods. One-kilo gold bars are the most traded type of bullion on Comex, the world's biggest futures market.
In conclusion, the gold tariff exemption under President Trump's administration has provided a significant boost to the global gold market, particularly for major exporters like Switzerland. The price of gold on the US futures market hit a record high on Friday, reflecting the market's positive response to the tariff exemption.
The gold tariff exemption under President Trump's administration has facilitated investing in the gold industry, as the price of gold on the US futures market reached a record high following the exemption. The decision has also significantly benefited major exporters like Switzerland, whose gold exports surged due to the exemption but later experienced a decline when reciprocal rates were implemented on other goods.
