US President Donald Trump on Monday ruled out imposing tariffs on gold imports, ending days of speculation over potential duties.
In a social media post on Truth Social, Trump wrote, “Gold will not be Tariffed!” addressing concerns that 1-kilogram and 100-ounce gold bullion bars from Switzerland could face country-specific duties.
The speculation followed a recent US Customs and Border Protection ruling that raised the possibility of tariffs.
Jewellers and industrial consumers also buy these gold bars, which primarily back contracts on the Commodity Exchange.
The Swiss Association of Manufacturers and Traders in Precious Metals had earlier warned that such duties could ‘negatively impact the international flow of physical gold’.
Extension of China Tariff Deadline
In addition to clarifying his stance on gold, Trump signed an executive order extending the China tariff deadline by 90 days.
The extension pushes back the expiry of the tariff truce between Washington and Beijing, originally set for August 12 at 12:01 AM (04:01 GMT).
Trump’s move came after he urged Beijing to quadruple its purchases of US soybeans and followed a recent round of trade talks in Stockholm between US and Chinese officials.
Last week, US Commerce Secretary Howard Lutnick predicted that Trump would extend the tariff pause. The decision aligns with signals from the administration suggesting flexibility in tariff measures amid ongoing negotiations.
The extended deadline will give both nations additional breathing room to address outstanding trade disputes and prevent immediate tariff escalations.
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