Trump says Gold imports 'will not be tariffed' amid market turmoil

Trump says 'gold will not be tariffed'

US President Donald Trump clarified on Monday that additional tariffs will not be imposed on gold imports, dispelling recent uncertainty over whether certain gold bars were affected by recent tariff increases.

Trump abruptly announced that gold imports “will not be Tariffed,” bringing an end to a week of market confusion that had sent bullion futures to record highs.

This statement comes after concerns arose that the recent tariff hikes might disrupt global trade in the precious metal.

In a post on TruthSocial, Trump said, “Gold will not be Tariffed!” without providing any further details. The US customs letter, made public last week in a Financial Times report, sent gold prices to a record high.

Trump’s intervention followed a Financial Times report that the US would impose tariffs on one-kilogram gold bars, causing US gold futures to spike to an intraday record of $3,534 per ounce.

On Friday, the White House announced plans to issue a new executive order “clarifying” its tariff policy on gold, a move interpreted by the market as a potential adjustment or cancellation of the duty.

Last week, a White House official told AFP that the administration intends to “issue an executive order shortly clarifying misinformation about the tariffing of gold bars and other specialty products.”

The news of the CBP ruling took traders by surprise and led to an unusually large premium on futures prices, exceeding $100 above London spot prices, as banks, refiners, and dealers rushed to secure metal for delivery.

The letter dated July 31, which was made public last week and initially reported by the Financial Times, triggered the record high on the US futures market.

However, a White House official reiterated to AFP on Friday that the administration plans to "issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products."

(With agency inputs)