Trump's Upcoming Executive Order on Gold Bar Tariffs Clarifies Misinformation
Trump's Executive Order on Gold Bar Tariffs
President Trump is expected to issue an executive order soon to clarify the administration's policy on tariffs on gold bars, a White House official said. The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products, the official remarked.
Impact on the Gold Market
The Financial Times first reported on the upcoming order, following Customs and Border Protection's (CBP) ruling that one-kilogram and 100-ounce bars should be classified with a specific customs code, making them subject to tariffs. This unexpected ruling sent the gold market into turmoil, causing prices for gold futures to surge to record highs.
- Swiss one-kilogram and 100-ounce bars would not be exempt from the president’s tariffs.
- This classification results in a hefty 39 percent tax on these products.
- Traders anticipated that gold bars would be exempt from Trump's tariffs.
Market Reactions
Traders, analysts, and executives reported that shipments of gold were freezing up following the CPB ruling. Trump's tariffs have also impacted other commodities, such as copper tariffs imposed recently.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.