UK imposes tariffs on imported gold bars
(MENAFN) The United States has introduced tariffs on imported gold bars, according to reports citing a recent ruling from Customs and Border Protection (CBP). Experts warn this decision may disrupt Switzerland’s prominent gold refining sector and impact the global bullion market.
A ruling issued on July 31 classifies commonly traded gold bars—specifically 1-kilogram and 100-ounce formats—as falling under a customs code that makes them subject to tariffs. This move brings these gold products within the scope of tariffs implemented by the US president against multiple trading partners, including Switzerland.
Earlier, when the tariff measures were first announced in April, certain commodities, such as some types of bullion, had been excluded. However, following a request from a Swiss refinery, the CBP clarified that these gold bars are considered “semi-manufactured” rather than “unwrought, nonmonetary gold,” the latter being the sole category exempt from tariffs.
Switzerland, known as the world’s leading hub for gold refining, relies heavily on bullion exports to the US market. Traders have expressed uncertainty about whether the tariffs are currently being enforced, with some suggesting the ruling could be a mistake and predicting legal challenges ahead.
“We never ever thought that [gold bars] would be hit by a tariff,” said a former metals trader with a major financial institution. The head of a Swiss precious metals trade association described the decision as a serious setback to Swiss-US gold commerce, emphasizing that the common understanding had been that “remelted bullion was tariff-free.”
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
