Topline
Gold imports will not face tariffs, President Donald announced in a brief post on Truth Social Monday afternoon, easing fears from U.S. importers after Customs and Border Protection initially informed businesses that one-kilo and 100-ounce gold bars would face the president’s “reciprocal” tariffs.
The White House previously said they would issue an executive order clarifying tariff levels on the precious metal this week.
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Key Facts
“Gold will not be Tariffed,” Trump announced Monday, offering no other details on the policy in a brief post.
U.S. gold futures briefly hit an all-time high Friday, climbing to $3,534.10 per ounce before settling after CBP informed a Swiss gold refiner that they could face reciprocal tariffs.
Switzerland, the world’s largest refiner of gold, faces one of the highest tariff rates at 39%, and Swiss leaders are working desperately to negotiate a trade deal with U.S. negotiators.
The price of gold on the Comex slid slightly Monday, but largely remained unchanged after Trump’s announcement, trading at $3,403 per ounce.
Key Background
Although commodities like gold do not offer the potential for dividends like stocks, the precious metal was previously seen as an investment safe from the chaos of Trump’s tariffs. The president had initially listed “bullion” as one of the goods exempt from tariffs after his “Liberation Day” event, alongside things like copper and pharmaceuticals—many imports the administration has said it would announce specific targeted tariffs on. The CBP’s ruling still came as a surprise, and the Trump administration seemingly moved quickly to reverse course, telling Bloomberg it would issue an executive order clarifying “misinformation” about its tariff policy on gold after the chaos.
Big Number
32%. That’s how much gold prices are up since last year, after passing the $3,000 threshold in March. Gold has previously broken records during times of economic unease—its price surpassed $1,000 during the 2008 financial crisis, and climbed over $2,000 for the first time during the COVID-19 pandemic.
Tangent
Gold has also long held cultural sway amongst libertarian investors, and in recent years gold sellers have begun pitching the commodity to Trump’s MAGA base. One gold and silver seller pitched conservatives before a Turning Point Action conference before the 2024 election as a way to protect their assets, tThe New York Times reported. Advertisers on Trump’s Truth Social platform also market things like “free” gold bars and gold coins, although many of these products are later revealed to be only gold-plated, a Times review found.
Source: https://www.forbes.com/sites/zacharyfolk/2025/08/11/gold-imports-will-not-face-tariffs-trump-says/