US targets Switzerland with new gold bar tariff
Photo: US President Donald Trump (Getty Images)
The US imposes unexpected tariffs on gold bars, dealing a blow to Switzerland, Bloomberg reports.
The US government unexpectedly introduced new tariffs on imports of one-kilogram gold bars. This could seriously shake up the global gold market and hit Swiss trade in particular.
It was expected that these bars would receive customs codes that would exempt them from the tariffs imposed by the Donald Trump administration.
However, the US Customs and Border Protection classified one-kilogram and 100-ounce gold bars as taxable. The decision was made on July 31.
According to experts, this is a serious blow to Switzerland, which is the leading exporter of kilogram bars to the US. According to the FT, this form of gold is the most popular on Comex, the world's largest gold futures market.
The new tariff policy has already affected the market: the premium on gold futures in New York has risen sharply, and contracts for delivery in December have jumped by more than $100 per ounce compared to spot prices in London. Such fluctuations could cause additional instability in global precious metals markets.
Experts fear that the new tariffs could become a tool for economic pressure on Switzerland and change the balance of power in global gold trading.
US President Donald Trump has introduced a historic wave of new tariffs on imports from dozens of countries, significantly exacerbating global trade tensions.
The highest rates apply to goods from Brazil (50%), Laos (40%), Myanmar (40%), and Switzerland (39%).
Switzerland plans to cancel the purchase of F-35s worth $9 billion due to Trump's tariffs.
