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The Trump administration intends to issue an executive order in the near future to clarify what it called misinformation about the tariffing of gold and other specialty products, a White House official told Bloomberg in a statement.
The confusion began last week after the US Customs and Border Protection (CBP) posted a ruling on its website stating that 1-kilogram and 100-ounce gold bars are subject to so-called reciprocal tariffs. The ruling came in response to a request from a Swiss refiner seeking clarification on these duties.
Such a directive would bring sweeping implications for bullion around the world and could have disrupted the functioning of the US futures contract.
Gold has a unique role as a financial asset and global currency, making it different from copper, steel and aluminum — other metals that have been hit by Trump’s tariffs.
The forthcoming presidential decree should clarify the situation and confirm the exemption for gold bars imports.
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