Trump Halts Gold Tariff PANIC: Markets Stabilize

“Gold will not be Tariffed” — a direct presidential clarification that stops a 39% hit on standard bullion and reins in bureaucratic overreach.

Story Highlights

President Trump affirmed U.S. gold imports will not face tariffs after a CBP ruling sparked confusion.
Reports tied Swiss-origin 1 kg and 100 oz bars to possible 39% duties under reciprocal tariffs.
The White House called tariff rumors “misinformation” and signaled a clarifying executive order.
Markets spiked on the initial report, then eased after the presidential statement and White House guidance.

Presidential Clarification Stops a Costly Misfire

President Donald Trump publicly stated, “Gold will not be Tariffed,” shutting down market panic triggered by a U.S. Customs and Border Protection ruling that appeared to sweep common bullion bars into steep duties. Coverage indicates the ruling letter, dated July 31, classified one-kilogram and 100-ounce bars from Switzerland under a tariffable category, which commentators linked to a 39% reciprocal rate. The White House rejected the tariff chatter as misinformation and indicated an executive order will formalize the exemption.

Financial reporting describes how a late-week article amplified the CBP classification, sending COMEX gold futures to record highs as traders priced potential supply disruptions and higher import costs. The clarification from the White House, followed by the President’s direct statement, calmed the surge and telegraphed policy intent: standard bullion is not the target of reciprocal tariffs. This sequence underscores the need for rapid top-level guidance when technical rulings start to reshape markets.

How a Technical Letter Rattled a Global Market

The CBP letter’s scope mattered because 1 kg and 100 oz bars are central to the global bullion trade, including COMEX delivery standards and Swiss-to-U.S. flows. A surprise duty on these bars would have widened spreads, raised financing and inventory costs, and potentially choked liquidity in U.S. futures settlement. Traders, refiners, and brokers quickly sought clarity to avoid retooling supply chains around a classification they did not expect to apply to monetary bullion.

Industry context helps explain the fast reaction. Switzerland is a major exporter of refined gold, and 1 kg bars dominate institutional transactions and exchange deliveries. With gold already near records amid geopolitical and tariff anxieties, the suggestion of a 39% levy landed like a shock to a finely tuned market. The administration’s reciprocal tariff framework aims at fairness, but it was never signaled as a tool to penalize monetary bullion. That mismatch made immediate clarification essential.

Executive Order Expected to Lock In Exemption

The White House has indicated an executive order will follow to align formal rules with the President’s statement and eliminate room for misclassification. Market participants are watching for explicit Harmonized System guidance to ensure standard bars are coded outside reciprocal tariff scope. Clear instructions to Customs will reduce the risk of a repeat scare, protect deliverable standards on U.S. exchanges, and preserve established logistics that underpin bullion liquidity and price discovery.

Trump says gold will not be tariffed amid rumors it might be following US Customs and Border Patrol ruling https://t.co/4i5wpidfPg

— FOX Business (@FoxBusiness) August 11, 2025

For conservative readers, the episode highlights a familiar problem: administrative actions can drift beyond policy intent, unsettling markets and burdening savers. The swift intervention from the President and the promise of an executive order reflect a course correction—keeping government in its lane, safeguarding a vital asset class, and preventing an unintended tax on Americans who hedge inflation and fiscal excess with hard assets. The next step is the text of the order—locking clarity into law and keeping the gold market open, liquid, and free of bureaucratic surprises.